I think the coolest thing about it is the web and TV sumultanaeity.

I remnember reading an article in Sports Illustrated about 20 years ago that promised flat screens in every room the size of picture windows, with live content, interspersed with data and analysis (think web stats). We were part way there with HTPCs, which permitted an ad hoc TV window and a web browser, but that is a complicated issue, indeed (see the recent HTPC thread on the many issues facing HTPC'ers).

GoogleTV seems to weave the two worlds quite nicely. Now, if only it would work with content other than that provided by DirectTV...