Damn, looks cool. Doesn't blow me away, yet. I'll have to see the tech demo of one in action.
If it can integrate your regular TV option (Cable, OTA, or Satellite) with web, and make it all searchable, I'd say they have a winner. It seems like any old HTPC (or any PC for that matter) can give you web content on your TV; its the integration with the standard TV options that will make this thing awesome. And they'll have to get the UI really slick and seamless when going between TV and web. Maybe couple it with a DVR that records all your shows (maybe every show for the past few days?), make them all searchable too, so that everything is kind of "on demand". Otherwise, it seems like you'd have two classes of content, one that starts whenever you like (web), and one that is "live" and can only be accessed during broadcast.