iPhone developer Steven Troughton-Smith has found out that you can easily install applications on the Apple TV. However, don't expect them to run your favourite game on it just yet. You will need a launcher for that.
According to Steven, while you can install apps after modifying its type, you just can't launch them. There's no built-in facility to do that, so someone has to do it. I bet the first ones will be the jailbreakers (hello, SNES and PlayStation 2 emulators!), but Apple will follow soon. I mean, they don't have any other option but to put apps in this thing. If they don't want it to follow the fate of the previous Apple TVs, anyway. [@stroughtonsmith]