Why would I get color fading/bleeding on the main menu of an Apple TV (3rd gen)?

I've noticed lately that the Netflix icon on my Apple TV (3rd gen, 1st revision) is starting to show color bleed. In particular, the icon is a white background with red text; the red used to be sharp, now it is fading and bleeding a bit at times. Of course, this is an HDMI connection with a decent cable, so this shouldn't be happening, right?

What I have noticed is that it seems to be fine at times and at others it isn't all that clear. I'm trying to determine if it is a problem with the Apple TV or perhaps my TV, though the latter seems to be fine when I'm observing this issue (i.e. switch to different HDMI source and I don't see any artifacts). Given that these things are low power to begin with, I'm curious if it is a matter of the Apple TV overheating? It doesn't have a heck of a lot of ventilation in the cabinet next to the Motorola DVR cable box, but I don't recall ever seeing problems like this in pure digital video signal situations.

Has anyone else seen problems like this with their Apple TV?