Apple has just released a software update for the Apple TV that brings iTunes Radio, iTunes Store, AirPlay from iCloud and more.
iCloud Photos and Videos:
View photos and watch videos that are added to your shared photo streams.
Sync your podcasts and podcast stations across Apple TV and all your iOS devices.
iTunes Music Store:
Browse, purchase, and play music directly from the iTunes Music Store.
AirPlay from iCloud:
Use your iOS device to play videos from iTunes in the Cloud – no download required.
Great new content:
Enjoy premier content from Disney, Smithsonian, Vevo, and Weather Channel.
You can get the update by selecting Update Software from your Settings menu.