According to Apple’s release notes on the 3.0.1 update, Apple TV 3.0 users may notice that movies, TV shows, and songs appear to be missing from their device. The 3.0.1 update fixes that problem.
Users should restart their Apple TV by unplugging the power cord and plugging it back in. Then, they should select Settings->General from the main menu, followed by selecting Update Software. Select Download and Install when prompted by the Apple TV.
If the problem persists, Apple tells users to disconnect the Apple TV from their computers from Settings->Computers , and then reconnect the device again. If the users are still experiencing the problem, they should try a factory restore and an update to version 3.0.1 before re-syncing content from iTunes.
Apple released the 3.0 update to the Apple TV software late last month. That update added a new main menu interface that provides direct access to rented and purchased movies, TV shows, music, podcasts, photos, and YouTube videos; the update also let Apple TV users enjoy iTunes LP and iTunes Extras content for albums and movies.