are you going to want to sync any media stored on the AppleTV with your iphone or any ipods? If so, i don't think AppleTV is going to work for you. You can certainly store media on it for streaming purposes, but iTunes won't let you sync ipods or iphones to shared libraries.
you do have the option of getting a USB or Firewire external hard drive, and moving your iTunes library there. iTunes can sync ipods/iphones to usb devices just fine.
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