Here's a little follow up for everyone. In case you're wondering why the Apple TV forum is severely lacking in Jailkbreak info/ responses, here's why: JAILBREAKING THE APPLE TV2 IS POINTLESS. Yes. That's right. It's a waste of time and you're better off leaving the thing stock.
I jailbroke mine today using FireCore's Seas0n Pass. Went relatively smoothly, with only a minor iTunes conflict, but that was easily resolved and I was jailbroken in under 20 minutes.
I installed XMBC through the terminal and was up and running..
I then started by adding the BlueCop repo, which allows you to install add ons like "Free Cable" and (drum roll please) AMAZON!
So I fired up Amazon, and immediately received a plugin error. After some research, I found that Amazon Prime won't stream to XBMC due to DRM issues. Shot down.
Then I went to "Free Cable", and noticed a healthy selection of awesome TV channels like Nat Geo, Spike, ABC, NBC, etc. I tried accessing those programs. ABC and NBC worked pretty well, but I could not get anything to buffer from most of the other channels. Well, another dud.
Then I added Icefilms, which (if you look into Ebay auctions for expensive jailbroken ATV2's) appears to be the holy grail of free streaming movies. I tried watching 2 movies, both pulling from Rapidshare (which is a pretty quick server) and then a couple from a separate server. One movie buffered for 15 minutes, would hang up all the time, and had severe digitization. The other ones wouldn't buffer at all.
So, if you want my honest opinion? LEAVE IT STOCK. It's a waste of time. XBMC is also laggy on the 5.0.1 platform and is choppy at times. I'll stick to Amazon on my PS3 or Roku, and if I want other movies I'll download them for the 'net and stream them from my Mac. Un jailbreaking right now.