Apple updates Apple TV software to version 4.4.1, claims to fix connect to iTunes issues
Apple has released another update for the Apple TV which takes it from version 4.4 to version 4.4.1. The update claims to fix issues with a small number of Apple TV units that needed to be connected a computer running iTunes after last week’siOS 5 update.
Addresses an issue that required a small number of Apple TV units to be connected to iTunes in order to complete the update.
A word of warning before you update, there are widespread reports that this update is causing more connect to iTunes issues than the original update. It may be wise to hold off updating until more information is available.
UPDATE: Rene's Apple TV, which he didn't try to update until last night, ran both 4.4 and then 4.4.1 without success, still resulting in the image you see up top. He's trying again and we'll keep you posted.
Source: Apple Support