Apple TV Airtunes vs. Apple TV streaming iTunes library

No, it's just iTunes to AirTunes clients (AE or ATV).

However, if you have 'Allow iTunes control for remote speakers' set within iTunes preferences, you can use the Apple Remote on the ATV to shuffle tracks, pause etc. Which almost makes up for it.

I have this problem, too. I have two tvs, one I bought three months ago and the other I bought last night (Did I mention I love AirTunes?) and the old one no longer displays song information or artwork. Before I bought the new one the artwork and info displayed fine on the old one but after I put the new one on my network, the old one stopped displaying the AirTunes information. It's always just the old unit with the problem whether I stream to the new one or not.

Of course, everything is not so cut and dried, I also moved my media library to a new computer (My new Mac Pro) and I needed to pair the old tv to this computer but the new tv has only been paired with the new computer. I'm thinking I need to do a factory reset on the old tv but I'm not looking forward to the several hours of resyncing my iTunes library.

Okay, it seems that doing a factory restore has fixed my problem and I think it's likely it will fix your problem, too. Just go into the "Settings" menu and select "Reset Apple TV" then select "Factory Restore." This will delete all of your content and reset the system as it was from the factory. Once you have done this, you'll need to reconfigure your network settings and download/reinstall the software update to 2.0, but then you should see the artwork and track information when you use AirTunes.