Apple delivers the new Apple TV with 1080p a day early. The new Apple TV not only streams at 1080p, but also allows you to stream movies directly from iCloud vs. having to store them on a computer in your iTunes library. The first generation Apple TV had a hard drive to store movies. The 2nd generation would stream purchased movies from your computer. The 3rd generation allows you to stream any movie you have already purchased from iTunes without having to download.
If you have a 4G LTE connection, WATCH OUT, each HD movie can be 3-4GB