It took 65 minutes to download, then I had to transfer it to the Apple TV.
On Apple TV I chose the movie and pressed play, it went away and authorised, then... a black screen and no sound. The movie was playing, I could pause and play and see chapters. Hmm.
In the end I did a reset settings and it played.
Quality is ok, not HD but no annoying artefacts in the one I'm watching now. $4 is a reasonable deal (plus my internet bandwidth of course). The main problem is the small range (700 by some reports), compared to my current provider QuickFlix with 32,000.
Some movies are only available for sale which seems weird.
Once a movie is downloaded you have 30 days to start watching, once you start watching you have 24 hours to view it (which didn't impress me when I had a blank screen).