Dan Moren, writing for Six Colors:

The intent of the Apple TV Remote app is to duplicate all the functionality of the hardware remote, and in that it mostly succeeds. The majority of the screen is taken up by an area that mimics the hardware remote’s touch surface, and you can swipe or tap to control the onscreen interface. There are also dedicated buttons for Menu, Home (which you can double tap to bring up the multitasking switcher), Play/Pause, and Siri.

And:

It seems that if you have HDMI-CEC enabled to control your TV’s volume via the remote, it seems the iOS device’s physical volume buttons will actually control your TV’s sound.

This is just a bit of the review. If you haven’t downloaded the new Remote app (it is a completely different app – I deleted my old one), it is absolutely worth it.

Note that it works with the previous generation Apple TV and allows you to save profiles for multiple Apple TVs, in case you have more than one.