You can indeed make your own movies, and a way to stream from Final Cut to your Apple TV is sorely lacking - AirPlay is too choppy. However, playing generic vid

You can indeed make your own movies, and a way to stream from Final Cut to your Apple TV is sorely lacking - AirPlay is too choppy. However, playing generic video files is just about the worst way to support this capability, because you can expect to wait 2-10 hours for your movie to render to a file, even on top-end hardware. The more "Apple" solution to this problem is streaming to an Apple TV app hooked into the Final Cut preview mechanism. You can license movies from creators in ways other than the general release, and I have worked with content obtained this way in auditorium film screenings. You definitely wouldn't use an Apple TV for that, though, you use high-end rackmount DVD/Blu-Ray players, HDCP media servers, or specialized cue playback software so that the audience doesn't see you fumbling with controls - they're on a dedicated interface. Granted there are scenarios other than public exhibition, but if it's for consumption in your living room then it's pretty much by definition general release. Apple is one of the first movers in killing physical media. At this point I don't think you can even buy a Mac with a built-in DVD drive; facilitating playback of ripped DVDs would be pretty low on the priority list. Closest thing I can anticipate would be a way to play videos from your Photos library - intended for the ones you shot on your iPhone. It would probably be possible to import an unencumbered video file there, and stream it across your house with Home Sharing, which has been built into the iLife suite for a few years.