Yes, it sometimes dies.

To restart a non-responding AppleTV, press and hold both the “Menu” and “-” buttons simultaneously until the white LED turns yellow. You’ll probably need to use the AppleTV Remote; my universal remote can’t seem to send out combo commands.

Soon after, you’ll be asked to select your language of choice, after which you’ll be presented with a screen with three choices:

  1. Restart
  2. Run Diagnostics
  3. Factory Restore

Select “Restart” to get the AppleTV back into action.

Select the 3rd option only if you want to restore your AppleTV to factory condition, jailing it again. You’ll have to jailbreak it again after that.

Oh, please make sure the AppleTV is really not responding before you force reboot it. Sometimes it is syncing with your iTunes and it could take a while for it to complete the process and returns the control to you.