While this may have worked for you, I don't think this is the fundamental issue.
I just got off the phone with Apple Wireless (the new name of the support group for that handles the Apple TV among other products)
1) There was an Apple TV 2 update released a few days ago, version 4.1 (she said the shipping version was called 4.0) This address a number of issues, but primarily local streaming and not the dropped frames issue. I don't recall seeing any update notification - perhaps it happened in the background; I'll check when at home.
2) Apple is aware of the dropped frames problem with rental content, and it is an iTunes store issue. Apparently, it is an encoding problem and they are in the process of fixing (re-encoding perhaps? Yikes...)
It was suggested that I go here:
http://www.apple.com/support/itunes/contact.html
to address the concern specifically, and to see if there's a more concrete time frame for the fix on the ITMS.
So call, get a case number, and then report on that contact page - that's about as thorough as we can get I suppose.