Having the ethernet port and Thread radio gated behind the 128gb model is obnoxious.
I have three Apple TVs that are ethernet connected and form the backbone of my home's Thread network, but they have <5 apps installed and would do fine with 32gb rather than 128gb. (And in fact, they are all currently 32gb models from the previous generation where those did include ethernet.)
I don't know what makes sense for Apple's supply chain and BoM, I'm just saying that the price for my home's worth of Apple TVs with the minimum functionality I use has gone up by over 50% since the previous-gen model and now sits at over $1,000 in local pricing.
That's the kind of pricing that makes me start to consider the Google 4K Streamer even if it's a UX downgrade - for $300 I get ethernet and Thread on every TV.
I have three Apple TVs that are ethernet connected and form the backbone of my home's Thread network, but they have <5 apps installed and would do fine with 32gb rather than 128gb. (And in fact, they are all currently 32gb models from the previous generation where those did include ethernet.)