No. The Apple TV is not designed to be a cable box, satellite box, or over-the-air receiver. Google has attempted this with Google TV but it is a complete failure. Apple is intent on delivering content on a subscription or pay to play basis. The unit would have to be much larger in order to incorporate a cable card (to receive cable TV), the extra circuitry needed for a satellite (along with an authentication card), and the extras needed in order to process over-the-air content. Given the fact that digital over-the-air receivers have been built into TVs since 2004, there really is no point for this.
The Apple TV needs to be updated to run apps first and foremost. That would open it up to more possibilities than acting like a TV receiver.