A quick run-down
Top 2-minute summary of the launch event I've seen so far: http://www.youtube.com/watch?v=KbWgUO-Rqcw
I suppose in the quest to be the one must-have device sitting under the telly, no games machine is going to market itself as 'just' a games machine. But for an increasing demographic with with 40-inch-plus TVs (which you can pick up at the supermarket for pennies these days), there's actually rather a lot of space under the telly.
The "me too!" drive to make sure any device *could* be used as the primary device in a living room simply means unnecessary duplication. So you get a BBC iPlayer app on the TV itself (or the digibox if you have an ageing telly) and the blu-ray player and the Sky box and xbox and wii and PS. You get a Facebox widget on most of them too, and they all want an internet connection so you can get network radio and video-on-demand and skype. Your xbox now has an hdmi input so you can mash the source together with overlays or watch a footy match while gaming in half the screen (although many TVs support picture-in-picture anyway). You can use DLNA to stream music from somewhere else in your house to one of your consoles, or the bluray player, or the TV itself...
Having an AV receiver for my surround sound with 5+ HDMI inputs makes it really easy to switch sources for the TV - I'd not be averse to having dedicated devices that were really good at doing just one thing exceptionally well. But I suppose we all got used to having our phones do a billion things, and managing 6 different remotes (or teaching the Significant Other to use a multi-function remote) is more trouble than it's worth...