The delay is neither surprising nor particularly problematic. With less than 72 hours left in the month of February, the possibility of hitting the announced release window was becoming increasingly unlikely. That said, a March release for Apple TV would only be two to three weeks late and still within the Q1 2007 span originally mentioned when the product was initially announced last fall (under the "iTV" moniker).
In other words: take a deep breath, fanboys. The Apple TV will be here soon enough. In the meantime, you can pick up some extra cables--it looks as if you're going to need them.