According to Apple’s release notes pertaining to the 3.0.1 update for Apple TV, the issue that the new update addresses is the temporary disappearance of content from the set-top box till it is synced again.

Noting that the Apple TV users who are currently running the late-last-month-released update 3.0 would need to update to 3.0.1, Apple specified that the latest update will fix the problem whereby movies, TV shows, and songs are seemingly missing from the device.

Informing the users about the update procedure, Apple said that a restart of the Apple TV would be required, which implies the unplugging of the power cord and its subsequent re-plugging. Thereafter, the users have to select the ‘General’ option under the Settings column in the main menu; followed by the selection of ‘Update Software’ option. Upon getting a prompt from Apple TV, the users need to select ‘Download and Install’ option. 

In case the problem of missing content on the device still continues, Apple has suggested that the users should first disconnect the Apple TV from their computers, by selecting the ‘Computers’ option under Settings; and then reconnect the device.

However, if the matter is still not resolved and the problem persists, the users should try a factory restore along with the update to version 3.0.1, prior to re-syncing content from iTunes.