Since we now know that it is possible to jailbreak the Apple TV (and install apps on it), one thing we need to learn sooner rather than later is to put the Apple TV in DFU mode. Putting the Apple TV in DFU mode is not complicated, assuming you know how to press a couple buttons together...
Step 1: Make sure your Apple TV is connected to your computer via a mini USB cable.
Step 2: On the remote, press and hold the Down and Menu button together for a few seconds. Your Apple TV will start blinking. You can now release.
Step 3: Now press and hold the Menu and Play button together for another few seconds.
Step 4: Done! Your Apple TV should now show up in iTunes, from where you'll be able to restore it.
Next step is getting a jailbreak for this Apple TV. I can't wait for that.