Ping: 177ms, Download: 0.07Mbps, Upload: 0.32Mbps. Pathetic. This was done through the app on my iPad.
So all of the songs, photos and films I have stored in iTunes on my iMac will be streamed without using the wireless network? And therefore these awful, ridiculous and frankly embarrassing speed test results wont matter, right?
To echo what others have said: your internet speed will only affect the content coming direct from the internet to your apple tv. Music and videos you have imported into iTunes on your computer will stream over your internal wireless network so those internet speeds don't matter. And photos you have in iPhoto will stream over with no problem as well.
BUT!!
Realize what those internet services include, and how the slow internet speed will render them:
--Netflix (perhaps not available in UK?) will likely be unwatchable.
--Flickr (for photos) will be frustratingly slow.
--YouTube probably unuseable.
--Vimeo probably unuseable
--Free video podcasts from iTunes will be largely unuseable, though the audio podcasts may be useable since they have smaller file sizes.
--Movie and TV show purchases from iTunes. There are a number of "free" clips that you'll be able to stream to test how well this works. When I had only a DSL connection (up to 3 Mbps download, but typically more like 1.5 Mbps), a one-hour HD TV program from iTunes would take MANY HOURS to download. With your speeds, it could take days.
If you do get apple tv and want to watch a show or movie this way, I'd recommend you start the download ON YOUR IMAC the day before you want to watch it (or even earlier?). The entire movie or show will download to your computer in iTunes and be stored safely there. THEN you can stream it to your Apple TV from your computer over your local network. If you try streaming it directly to your Apple TV over the internet at those low speeds, it may eventually cache the whole video, but then if you do something else with your ATV2 in between, the cache will likely be partially overwritten and you'll have to start over from square one.
Finally, note that your 3G connection on your iPhones may be faster than your home internet connection. Using Airplay, you can get much of the content mentioned above downloaded or streamed to your iphone, and then Airplay it over your internal wireless network to your apple tv. This definitely works with YouTube videos, and audio from many iphone apps. (In fact, even with a fast internet connection, I actually prefer using this method for YouTube videos since it is easier to navigate and search for youtube videos on the iphone than it is on the apple tv's interface.)