It's not bad. Now I never had the old Apple TV. However, having such easy access to so many internet sources at once, is one of the primary advantages. Netflix among them. They also sort of Ninja'd a few features that I never knew it was capable of.
For one, they may not have initially shown the Internet Radio option, but it is there and works very well. Basically, there are many radio stations for pretty much every music taste you have, and you can turn any one of those into sort of an instant Party player.
However, one thing I never saw as a feature was multi-tasking. A little feature it can do out of the box. This is especially nice if you actually use the ATV2 to view slideshows and such of various photo content. You can pull up an Internet Radio and it'll play as a background task just like Pandora on iOS 4 machines. You can then go and view slideshows and such, switching between those applications while the radio continues to play.
