Ish...
You won't have as seamless of an experience as a TimeCapsule, however you will be able to pull this off.
You would need to install and configure netatalk (afp) on the ATV, after which you can create a share and will be able to use Time Machine for your backups.
The other better way of doing it (by better, I mean significantly faster without causing an impact to your ATV Performance) would be to set up an NFS Share on the AppleTV and then writing a script on your computer to auto-mount and un-mount the share when you are on your home network or on some other network.
This allows for much faster backups than happens with a TimeCapsule or when using the AppleTV + AFP. The downside is that if you don't clean up after yourself (unmounting your NFS Share when you leave your network), than your Finder will completely hang on you for a minute or two while it figures out it's place in life.
~Adrian
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