So first of all is this something that is really new ?, nope its not. TV's with internet and online video viewing is not something that is really new but its Google!,.. who's behind the project and they control the most portion of the WWW search phrases. So a product that is directly powered by the search giant can have some significant effect when it comes to optimizations, etc (take youtube video facility they own it aren't they!).
So what can you expect from Google TV...
*. When you buy the TV with the embedded services or just purchase the "box", it has a little software of its own. Basically the browser is the Chrome and with the help from the Adobe flash player you can do a lot of things with it! such as ...
*. Search the web directly through your TV
*. Youtube video viewing.
*. With a very user friendly interface they've added a service called "spotlight" which gives live videos from popular online TV channels.
*. There is a separate remote control but since the search giant controls the Android devices, etc you can control the TV directly through your android mobile phone!.
*. Rent and view online videos (gonna cost you though services such as Amazon video on demand are included).
*. Napstar, Pandora, etc type online music and internet radio facility.
*. Picasa and Flickr type photo sharing and viewing facility.
*. Better Youtube videos (well according to them anyway).
*. Twitter, etc type social functions (as said it has the Chrome browser).
These are the highlighted ones I found in their product page. So if you want to know more about buying, etc then go to this Google TV official page.