According to many of the AppleTV forums on apple.com, the Apple TV with version 4.4.2 will NOT transmit audio via the OPTICAL OUT port alone.
The HDMI MUST be plugged in to the television, and the television MUST remain on.
Again, this is why I am not ready to buy an Apple TV just yet. This used to work, prior to OS 4.4.2.
More info can be found on the official forums, as stated:
https://discussions.apple.com/message/16735572#16735572
https://discussions.apple.com/message/16726170#16726170
https://discussions.apple.com/message/16724675#16724675
https://discussions.apple.com/message/16715617#16715617
I don't think this is correct as I do it all the time. Sure the audio stops, but pressing play a couple of times starts it again.
When I listen to music I turn on my apple TV and amp; then control the apple tv via the remote app on my iPhone. The TV is never switched on.