No, it is lame.
>Why is it lame? The ATV is an endpoint of an A/V distribution chain.
It is completely lame that AppleTV can't be a router because all the AppleTV is, other than lacking an optical drive, is a Mac Mini with a slower processor and different A/V ports. Anything a mini can do, the AppleTV can do unless artificially crippled by Apple to not cut into other sales.
With a mini you can plug your cable/DSL modem into its ethernet port and share the connection wirelessly. Hardware-wise the AppleTV is certainly capable of doing the same thing, and it would be pretty damned neat if it did because it is usually going to be located right next to the cable hookup. But Apple doesn't want to lose a possible Airport sale, so the internet sharing functionality is removed the version of OS X shipped with the AppleTV. Just like Apple makes it hard to play AVIs over a SAMBA mount--why make it easy to play the most-downloaded format when you can make buying from iTunes the easiest route?