The tvOS 10.2.1 beta is designed for the fourth-generation Apple TV. It can be downloaded by connecting the Apple TV to a computer with a USB-C cable and installing the beta software from a registered developer account using iTunes.
Because of the tricky installation requirements, tvOS betas are limited to developers. tvOS 10.2.1 will not be available to the public until the final version of the software launches.
Apple does not typically provide detailed beta release notes, so we don't yet know what's included in tvOS 10.2.1. It's likely to focus primarily on bug fixes, security enhancements, and performance improvements, so we may not know what's new until the software sees an official release.
No notable changes were found in the first tvOS 10.2.1 beta, but should anything new popup in the second beta, we'll update this post.