Are apple tv's any good?

With the new tvs that play windows 7 are the apple tvs obsolete? I don't have enough money to buy one of thoughs brand new tvs though.... I do have an xbox 360 that can be wirelessly connected to my computer but does that play things I bought on itunes? What I'm asking is buying an apple tv worth it? I have a lot of movies and tv shows Ive bought on itunes and I want to play them on my tv thats it.