The two biggest Apple TV limitations are the lack of codec support (like XviD, DivX, etc.) and not even having the ability to do basic surround sound like Dolby Digital 5.1. These issues were resolved ...
The 3ivx codec should play that fine in Quicktime - it has trouble with a52 audio though. If that doesn't work you'll almost certainly be able to play it in Mplayer OS X.
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