The Netstream app only worked with the old generation of Netstream hardware. Since you have a Netstream 4c, I guess the new app will be of use to you as well.
All the apps already out there only worked with the old hardware (.m3u). Livezapp is unusable with Netstream 4c. Or did i miss something?
This new app definitely brings something new to the table. 4c support without the use of a computer.
Is it because it doesn't play recordings you are disappointed?
Isn't the main purpose that it plays live tv directly from your Apple TV?