I am running my ATV2 from Germany. Despite country restrictions I am able to run Netflix with a DNS service.
Unfortunately, Netflix requireincommodiouss the iTunes store to be set to US, otherwise the Netflix menu item won’t be visible under “Internet”. This is a bit incommodious since I still use the German iTunes store for renting movies with my German Apple ID.
It would be great if there was some way to pass this restriction via Jailbreak.