Hmmm, well if the 7 series boards play iTunes purchases fine under Windows (and possibly in parallels/VMware too???) then it is not a hardware limitation or a UEFI issue. Also obviously Apple took the time to write the M4V codec for Windows so that 7 series board can play them.
Possibly then a driver issue, with some part of the chipset not having the right ID to be recognised by the m4v codecs quicktime uses for OS X but I am still inclined to think it is at least a backdoor DRM limitation (after all why should Apple software engineers take the time to make sure 7 series boards that are not their own and are running OS X should be able to play their stuff?) or some system check within iTunes that our boards fail to meet. Perhaps if there was some way to more closely disguise a board as an Ivy bridge Mac or inject an ID that will make the M4v Codec think that the board has the right Apple hardware then there might be a way around.
Either way, I think the birthday present call for an AppleTV might just go out there as I am not arrogant enough to think that we will overcome the limitation (but I do think it is worth spending a little time on for the sake of the learning exercise!).