I'm seeing similar behavior with the two ATVs that I have. The Ethernet port is toggling state roughly once per minute on one ATV and about half as often on the other ATV. Each time this happens the switch has to negotiate speed, perform STP check, update ARP and MAC tables, verify VLAN (port mobility), and then move on to the layer 3 stuff like DHCP. This behavior, the intervals in particular, don't make sense, something isn't right about the routine.
09:14:51 2016: 21:39 INTERFACE(6) Data: 1/29: link DOWN
09:14:53 2016: 21:41 INTERFACE(6) Data: 1/29: link UP
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09:28:51 2016: 35:39 INTERFACE(6) Data: 1/29: link DOWN
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09:33:22 2016: 40:10 INTERFACE(6) Data: 1/29: link UP
09:34:32 2016: 41:21 INTERFACE(6) Data: 1/29: link DOWN