updated 07:32 pm EDT, Thu May 10, 2012
Roughly corresponds to iOS 5.1.1
Following the release of iOS 5.1.1 for most iOS devices, Apple has updated its custom firmware for the second- and third-generation Apple TV to v5.0.1 (build 9B206F). Because the version of iOS running on Apple TV is customized and offers a different UI, the company numbers it slightly differently, but the new release roughly corresponds to firmware on other devices.
The update offers one new feature -- HD previews of movies and TV shows from the iTunes Store -- and addresses some issues and bugs. It fixes a glitch that caused some iOS apps to have problems connecting to AirPlay, improves the reliability of Home Sharing, and addresses a problem that affected Netflix logins and navigation.
Users with jailbroken Apple TV units should avoid the update, as it will require re-applying any tethered jailbreaks, and probably won't work with the changes made. The upgrade is exclusively for the small, black second- and third-gen Apple TV units and is not compatible with the older gray model.