There were more parts needed than I had originally planned (namely a 3-way DVI splitter from Hall Research Technologies that was like 300 bucks) but in the end, it looks great and was a breeze to put together.
The only remaining hitch is aspect ratio / display resolution support issues with the AppleTV. It currently is designed to run with HD televisions and not high resolution pc/mac displays (an oversight in my opinion) and so when you connect it to a PC display (in this case, three Sony 17" flat panels framed in custom wood frames) it squeezes the images.
The (manual labor required) workaround is to convert all images to a format that is too wide so that when the images get squeezed down they end up the correct aspect ratio. I am hoping that in the coming months Apple will release new drivers / support for different display resolutions and aspect ratios.
(don't give me any crap about the complete mess behind the displays....this is like the 5th time I have had to install and uninstall a media player so the nicely tied down cables went out the window long ago)