I wish the jailbreak wasn't needed and feel for those of you who are having problems with that because PLex on the ATV2 IS cool!
Do you have iStat installed? (It's a widget)
If so, could you tell me how your computer is performing when using Plex? I mean, how much of your processor gets used transcoding the video.
I ask, because mine gets used up alot, whereas with AirFlick, it pretty much doesn't.