So I did the comparison test last night with the Star Wars content. The M4V file playback was smooth via the WD TV Live device (content stored on the local USB hard drive, WD device connected to TV via HDMI). Playback of the same M4V via ATV had subtle glitches as before, and my wife saw the same glitches.
It is difficult to describe the video glitches without seeing them firsthand. In this thread we're calling the problem "stutter," which may mean different things to different people. To me, it means that a moving object, or set of moving objects, does not move "smoothly" across the screen. It's not pixilation, nor dropped frames of the entire picture - almost like pieces of the moving object(s) either don't display, or display in the wrong place. I think it would take a high-speed camera taking video of the TV screen itself, and then watching the resultant video frame-by-frame to see what is happening.
At any rate, I do see glitches in the "The Girl With The Dragon Tattoo" preview, but not always in the same places. However, that preview video does have a part that illustrates what I'm trying to describe above. Try this as an experiment - watch that preview with your sound completely off (so as not to distract your brain), and carefully watch the motorcycle beginning at 3:02 in the video, to about 3:04 (two seconds of movement). If you watch that same two second stretch several times, the motorcycle will "glitch" at different places. For me, the motion will be perfectly smooth for each two out of three times I repeat that part, but will have a subtle glitch about one out of three times.
I'd be curious to hear if anyone else experiences what I do with that stretch of video, or with the problem in general. It is such a subtle problem, that I can see why "normal" people wouldn't notice it, or care.
With the setup of the ATV in general, there are so many things that can be pointed at as a potential contributor to the problem - your network, your HDMI cable, your TV, the source content, etc. It feels almost impossible to prove that there is a problem with the ATV itself.