It's $35, but it only offers the Airplay receiver functionality of the Apple TV (I don't think it will do display mirroring of computers and Android devices though).
From what I've read (please correct me if I'm wrong), the Chromecast doesn't function as a standalone device. In other words, you need a smartphone/tablet/computer to play things on it. It doesn't have its own interface where you can browse and play content like the Apple TV does.
The fundamental problem I'm trying to solve with this device is streaming youtube to my parents TV. I want something low-tech that they can invoke from their Computer/Android/iOS device and I don't want them to learn a new menu.
The pricepoint is what sold me. AppleTV is too expensive for what it does, and while the power plug is annoying, it's easier than their current solution, which involves leveraging an old PS3 for Netflix playback.
So yeah, this is not a straight up replacement for AppleTV, but it solves the subset of problems I'm looking for.
What you might be looking for, is nowadays positioned as a "smart TV converter box" $60-100. Basically a Android box that has a hdmi/av out, connects to wifi and comes with a remote. I set this up for my parents so they can launch skype on their old TV a couple remote clicks. But turned out they can install apps from google play so they get youtube, news and email too.
From what I've read (please correct me if I'm wrong), the Chromecast doesn't function as a standalone device. In other words, you need a smartphone/tablet/computer to play things on it. It doesn't have its own interface where you can browse and play content like the Apple TV does.