Hey guys,
I can confirm this device works with the new Apple TV. The HDMI video is being converted into HD analog Composite (YPbPr [blue, red, green]) @720p. Audio is also correctly being converted from hdmi, to RCA ([red/white] audio).
Although it's not advertised... this device is stripping HDCP and will allow you to output encrypted video rentals to your analog device. I'm incredibly happy with this device, aside from one complaint. On the left hand side, about 20 pixels are being lost. (For reference [...], the cut happens on the left side and you loose anything left of the P in 'Top Movie Rentals'). That being said, this is the cheapest hdcp stripper/digital to analog convertor on the market, and is well worth it. You barely notice the lost pixels, and if you own an analog TV you want to keep doing so you'll be needing a device like this soon.
Sidenote: To use an AppleTV on an older (analog) TV you'll NEED a device like this. Don't bother with HDMI to Composite cables... THEY WONT WORK. The signal needs to be converted, and your average converter costs 150 up... this box is an exception to that price point.
Hope this helps, let me know if you guys have any other questions
http://www.amazon.com/review/R1XA03L5F37KXR/ref=cm_cr_pr_viewpnt#R1XA03L5F37KXR