NVIDIA has released a firmware update that adds 4K HDR support to older Shield TV models.
In fact, the firmware update adds all the new bells and whistles from the recently released Shield TV to its predecessors. This includes support from 4k HDR game streaming using NVIDIA's GameStream technology and access to the new Amazon Prime app. Basically, the only thing you need to upgrade your Shield experience is buying its new controller for $60.
Of course, the newer Shield TV model has more powerful hardware than its predecessors, but it is safe to say that the extra juice is not really used by most existing apps and games.
We have to commend NVIDIA for caring for its customers and continuing to support them with latest features; after all, it is typical for the industry to force hardware upgrades by withholding software updates.