aTV Flash (black) is a user-friendly software package that supercharges your new black AppleTV, unleashing a plethora of new functionality. DonΓÇÖt worry about the technical details ΓÇô aTV Flash (black) is simple to use and safe for your AppleTV. Installation is a snap and doesnΓÇÖt require any physical changes to the AppleTV.
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update: 1.4 Mar-8-2012:

NEW: Center channel audio boost (+6dB and +12dB) for 5.0 and 5.1 audio tracks
NEW: Finnish, German, Japanese, Norwegian, Polish, Russian, and Swedish translations
NEW: '4:3 Crop' and '4:3 Stretch' zoom options
NEW: Support for M3U and PLS playlists
NEW: EyeTV folder detection
NEW: TrueHD audio (downmixed)
NEW: 24-bit and 32-bit audio (downmixed) 
NEW: Enhanced downmixing for 5.1 AC3 audio (Dolby Pro Logic II)
NEW: Support for embedded MP3 covers
NEW: Automatic EXIF-based image rotation
NEW: MP4s embedded subtitles
NEW: Clock added to main menu
IMPROVED: Poster art quality in list and grid view
IMPROVED: Buffering logic for DVD files
IMPROVED: Cover art fetching from Last.fm
IMPROVED: DVD menu highlighting
IMPROVED: Photo viewer & slideshow
IMPROVED: Adjusted slideshow to match native Flickr style
IMPROVED: Danish, Dutch, French, Greek, Italian, Brazilian Portuguese, and Spanish translations
IMPROVED: Minor UI improvements
FIXED: Downmixing issues for specific audio tracks
FIXED: Playback issues for single ISO files in a folder
FXIED: Increased AFP login timeout to 30 sec
FIXED: Metadata issues for files that contain '/' in folder or file name
FIXED: Operation of the photo slideshow on iOS 4.x
FXIED: Issue with favorites removal when share password is changed
FIXED: Incorrect navigation in grid view on iOS 4.*
FIXED: Issue with DVD marked as watched after viewing menu
FIXED: Rare issue with incorrect pre-playback screen layout
FIXED: Rare crash in libdvdnav when playing DVD files
FIXED: Rare DVD playback error
FIXED: Rare 'Bad URL' error
FIXED: Other miscellaneous bug fixes