Try using wifi instead of Ethernet, worked for me after at least 5 failed attempts.
Fixed my problem also, thanks for letting us know.
Down arrow + menu till quick flashing light then goes to home screen
Not fixed. ATV2 install update 5.2 completely, but after restart offers connect to iTunes using USB cable (iTunes icon with USB cable on screen)
No abovementioned tricks help. Menu+arrow down restart the ATV but it shows same screen "connct to iTunes".
It's a good idea to reset the ATV before performing any update. A reset clears any garbage or caches. Also a good idea to do the same before updating your Mac, iPhone, iPad, etc.
Thanks for the fix.
Dear Apple, this is the 2nd update that's been a pain to install (the last hanged when using Ethernet). Please work on the experience!
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