Well it appears the MLB and Apple TV have got the MLBTV application fixed for the 2012 season. Now we are able to watch spring training games. The fix came in just a few days before the Apple TV software version was upgraded to 5.0.0. Last night, I took in the Yankees spring training game against the Atlanta Braves, and all appears to be working as it should.
As for the update to the new software on the Apple TV, there does not appear to be anything earth shattering to talk about. They just updated the interface and are using tiled icons to make menu selections. Their also seem to be more audio adjustments to make, which I have not explored yet. Otherwise, you get pretty much the same options.
Now if you do decide to splurge on a brand new Apple TV, then you get to upgrade to 1080p HD, and at $99 price point, that comes in as a pretty fair deal. Waiting for the day when the NFL divorces itself from satellite TV providers and makes its games available via the Internet. If that happens, then I will dump cable altogether.