Apple’s second-generation Apple TV continues to expand its iOS-based horizons, thanks to enterprising developers who don’t have Cupertino addresses. The latest is XBMC, the open source media player’s first ARM-based release and a full port of the software.

While Boxee often gets the lion’s share of the attention as everyone’s favorite alternative media player, let’s not forget that software is actually based on XBMC, first developed for the Xbox but now available on multiple platforms, including Mac, Windows and even the original Apple TV (at least for hackers). Now the folks behind XBMC have announced a full iOS port of the software, which includes not only the second-generation Apple TV but even the iPad or iPhone 4 as well.

“This thing may fit in your pocket, but don’t underestimate its power,” the XBMC team announced on their blog Thursday. “Unfortunately, it is seriously lacking in capability due to its limited feature-set revolving around rentals and iTunes. Where’s the fun in that?”

Of course, your second-gen Apple TV will have to be jailbroken in order to install XBMC -- folks who have already done so using the “Seas0nPass” software and who have aTV Flash installed can easily add XBMC by going to the Maintenance menu and installing it from there. The rest of you will have to start at the beginning, but based on the laundry list of release notes, it’s well worth it.

“Full XBMC install, this is not a remote or thin client streamer,” the XBMC blog details. “No longer is your AppleTV2 chained to iTunes. Who wants transcoded video anyway? Share files on your network your way. Full hardware decode for 720p/1080p movies. Everything else you know and love about XBMC.”

Even better, the exact same port of XBMC will also work on the iPad and even the iPhone 4, although the team notes that the smaller handset is “currently frustrating to use.” Don’t go looking for the software in the App Store, however -- you’ll need a jailbroken device to use it, but the group has posted a wiki for instructions on both devices.

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