I totally agree with you on this. On the old apple tv, I could be looking at my own movies in like 2 clicks. I am one of the rare few people that never purchase movies from itunes so I would care less what is under the movies and tv shows tabs. I want to see my own content as soon as I turn this on dammit!
Leaving the TV at the menu level after you have clicked into your computer sort of simulates this, but as soon as you go up a menu all your content is suddenly relegated to the wasteland of the "Computers" menu. Why not have the content of the currently chosen Share populate a "My Movies" choice under Movies, "My TV Shows" under TV Shows, etc...
Agree also with the OP...Home Sharing was a cool feature to make song swapping within a family as easy as it always should have been. However to extend Home Sharing to the TV and even the new iPhone Remote App...without any settings as to what can log into and control what...is annoying.
I may want to share Music with my wife and son via iTunes, but we may not all want our Libraries up for sharing on the TV, or have our iTunes wide open to being controlled by each other's Remote app. But Home Sharing as it exists now seems to be "all or nothing." Some Home Sharing toggles are needed on each device that define what other devices can control it, and what content each device shares with each other device. Add Airplay to the mix of iDevices and your head will be spinning with what is being streamed from where.
It already gets very recursive controlling the TV with the Remote app, when the first submenu that appears after selecting TV is the same list of Computers/Libraries from the first screen, but now listed as possible Computers/Libraries available for sharing on the TV. This would all make much more sense if actually sold an iTunes server, that centralized all the media, instead of swip-swap-stream-sharing back and forth between every gadget. It's "cool" for loving geeks like me and pretty seamless, but will confuse the heck out of my wife.
Did that even make sense?