Ive just tried mine this morning. It's downloaded the new update, then it says "Restoring Apple TV" then after 10 mins it says that the update has failed and gives the error code 1611.
Some people have said it's the micro USB cable and that people should try different ones, as they are not all the same. But it opens iTunes when this cable is connected and it tries to update the software, so the cable is fine. Can't see what else it could be.
I wil try to call Apple today in order to find out what the situ is. I am not holding out much hope, because on another forum, one guy contacted them and they told him that part of the agreement when you accept the terms and conditions of the update, is that if it goes wrong and renders your equipment useless, then they are not liable. What a mess!