It's a very interesting device, apparently it streams all content from the 'cloud' and basically turns your TV into a 'Smart TV'.
Some people are saying that Google will now use this to replace their own Smart TV Tech.
With the right TV controller and some minor updates this could get very interesting
There's already some videos of using it to play emulators, who knows what else we will see. This would need some kind of custom TV controller to work, or even better, if they can add support for game controllers.
You could also use it as a cheap media server by uploading all of your files to your Google Movies collection.