It’s… cute, but after a couple of years watching the IPTV space very closely (remember, my former team went on to launch IPTV here, and I still worked on the early bits of it), I wouldn’t call it revolutionary anywhere but in the US - plus pretty much every set-top-box or TV manufacurer on the planet has been making noises about similar (and quite sophisticated) solutions that are already here. Let’s wait and see, for it’s going to take a while coming.
Update: a bit more on it from Google’s perspective and Marc Cuban’s, as well as some actual screenshots.