Looking closely it appears that there is another difference from the Apple TV 2nd Generation, two antennas!

While it is unclear where the two antennas terminate, we suspect Apple added the second antenna to address some complaints about range and signal strength in the previous model.

According to Broadcom, the BCM4330 can either function with a single-band 2.4 GHz 802.11 b/g/n (single shared 2.4 GHz antenna for Bluetooth and WLAN) or a dual-band 2.4 GHz and 5GHz 802.11 a/b/g/n antenna.

We're suspecting that this Apple TV is preserving the 2.4GHz shared antenna, but has also added a second antenna for 5 GHz connectivity.