No power button exists. Do you have to unplug this beast to get it to turn off? Here is what you need to know about powering down you Apple TV.
I have heard of people doing crazy things to turn their Apple TVs off. Yes, there is no power button. Without unplugging it, you can not actually turn it off. But wait… that’s a good thing.
By holding down the play button on the apple remote for a few seconds, you can put it into standby mode. This mode stops the TV output. However, similiar to a DVR device, the box remains powered on.
The Apple TV uses this downtime to sync your library your your box.
Likewise, the Apple TV experience really requires zero wait. If you had to wait for OS X to reboot everytime you wanted to watch a movie or listen to music, the box would be a pain.
Hold the play button to blacken the screen and forget about the fact that the box continues to work while you are away.