Just wanted to post the latest response from Apple Support on this issue. They have been pretty good on the whole, although as yet no firm commitment regarding the cause of the issue, which in the circumstances is fair enough I think:
"I have been advised by engineering if possible to have your ATV tested with a good known network (for example an Apple Retail Store).
I fully understand that the stuttering remains even with a movie fully buffered on ATV. However I believe the reason why we want this tested with a good known network would be potential package loss on the way to your router/modem and beyond.
Drawing a conclusion based on the information and troubleshooting we have done so far I believe there is either a fault with the Apple TV, some incompatibilites with the devices being used (HDMI cables, TVs) or a network issue."
Following this, I asked Apple Support to clarify: Were they suggesting data loss within the downloaded files is a possible cause of the dropouts, i.e. that the files were somehow not intact? I said I thought this was unlikely, since the jumps in action do not appear at precisely repeatable points. For example, if you notice dropouts and then rewind the movie to replay, these will not appear in the same place twice, suggesting that all the data in the file is intact in the buffer, but not being played back correctly. I also suggested a side-by-side comparison with a 1st generation Apple TV using the same content. To which Apple Support responded:
"Packages dropping is a possibility, however if you can make out a frame that was previously missing when repeating the same part of the film that would probably indicate the file is intact.
It would be a good idea to test an ATV1 to compare the playback with ATV2. Doing this we can at least isolate this as a network issue or not. However in the end the best test would be the ATV2 at a retail store if possible (they will likely have several HD TVs and HDMI cables to test with)."