Apple has released another update for the Apple TV, this one is numbered 4.4.2. It appears that Apple has been having some strange problems with recent Apple TV updates with widespread reports of devices having to be restored using iTunes after the 4.4 and 4.4.1 updates. If you are already running version 4.4 or 4.4.1, Apple wants you to perform a system reset before updating to this latest version.
Apple TV devices with software version 4.4 and 4.4.1 have an issue with updating software to later versions. The recommended way to resolve this is go to Settings -> General -> Reset -> Reset All Settings, prior to updating. Note: If you apply the software update without resetting all settings first, the updater will reset the settings for you.
Once you have reset the settings, you can update the software in the usual way. Apple has issued an apology for this inconvenience and hopefully this will be the end of strange update problems for the latest Apple TV. Let us know if you update and how it works out for you!