In a sense, there's nothing totally revolutionary here. 71% of university students (on one recent YouGov sample) already watch two hours of TV online every day. 52% habitually watch television and mail or text their mates at the same time.That is a YouGov poll for the UK. So as Google TV spreads in the USA the only gap will be to establish some UK local search tags.
There are dedicated TV sets with google TV software but the approach could start without them. Watching video online is possible with many devices. This can coexist with many forms of TV.