Apple TV is now a streaming-focused device  It has 720p HDMI, Ethernet, optical audio, USB, Dolby Digital 5.1 surround sound and 802.11n for the cable-averse. No local storage, which makes this entirely different than the old Apple TVs, relying entirely on the “cloud” for content.

Services include Netflix, YouTube, Flickr, and Mobile Me, along with Rotten Tomatoes integration in the movie catalog. iOS 4.2’s AirPlay enables streaming from an iPad or your computer straight to an Apple TV. Just like watching a DVD, you can fast-forward through opening credits, pause or replay. A powerful A4 chip, streams without frozen screens or stutters.

The best news? Apple will start shipping this sucker four weeks from now for $99.

Apple – Apple TV – Rent HD movies and TV shows, stream Netflix, and more.