With the AppleTV I've got to wait for the movie to download.
Not long apparently. The movie will begin playing back once enough has been downloaded. Based on my 6mbit connection, I'm usually able to play back a 20 minute TV show about 15 seconds after the download starts on my Mac Mini. I haven't tried a movie rental on it, and HD movies will likely have a bit more of a delay.
I'm now wondering if we'll ever see region free Bluray discs.
239 movies released on blu-ray are region free, while 113 have region coding. (frim
http://www.blu-raystats.com/)
I'm glad the format wars for the HD discs appears to be over, as it's the route I want to go, even with rentals. While download services are handy, they are pretty brutal on the quality to get that movie to fit over pitiful US broadband connections.