Quick update. Still can't get slo-mo to work on ATV from 5s. It does work from my iPad (latest).
The work flow I previously mentioned can be shortened. I can Airdrop the slo-mo clip to my iPad then play it directly to ATV. No need to go through iMovie, unless you want the benefits of editing while retaining slo-mo.
I also determined that by sharing the slo-mo clip to iCloud, others that are subscribed to that folder can view the clip. I can also play back the clip to ATV from my 5s if that clip is chosen from my iCloud folder (not the original clip stored locally on the phone).
However, I can't consistently upload a slo-mo clip to iCloud. Sometimes they upload, sometimes they don't.
Once they get to iCloud, they work as expected - except ATV still can't see them in iCloud.
What's not clear is what the fps is from iCloud to ATV. I'd like to say that my tests suggest that ATV can playback native slo-mo, but once uploaded to iCloud, or transferred via Airdrop to my iPad, I don't know what the fps is and whether it remains native 120fps.