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SvennoJ said:

Sure, I'll be using it for games mainly (if they drop the online drm or when sub $15 steam sales happen)

I kind of feel the Xbox One is build for the optimal experience of One user. When we're watching something together popping up crap is intrusive to the other viewers. Plus putting all stuff in one box is not great when someone wants to play a game in one room while the other wants to watch tv in the other.

It can be great for people that already know what they want to watch and are looking for the content. My wife and I are not that actively engaged in tv watching though. A menu with what's available atm, and a dvr that automatically records a couple of things is plenty. No worries about bandwidth, going over monthly limits, whether a show is worth the admission price, what quality it's at, or has to be watched withing 48 hours. 

I can see how it might become the way we watch tv in the future. First we'll need faster internet without bandwidth caps, then an affordable box for every room, and consistent quality, availability and pricing accross the board. A long way to go yet.
Anyway I'm glad for the competition as it indirectly makes my cable service better too. I can now program my 2 dvrs over the web, on demand has greatly improved and they've finally got some fire to improve their interface.

Why?  The way you watch TV now would/could still be the same way you watch TV with the Xbox One.  The only difference is that Xbox One will provide whatever existing service you have with voice and motion controls.  So, you can be watching TV on one channel and switch to another just by saying it.  In addition though, it'll offer you suggestions based on what everyone else is currently watching.  So if everyone is watching Game of Thrones, then it may suggest you watch it.

With Xbox One you'll have access to your console with SmartGlass, but your TV services that you're already subscribed to would still be accessed via the existing apps you already have.

Xbox One isn't going to provide IPTV service.  I just said in the long-term I believe that is the direction Microsoft really intends to head.  I think we're a long way away from that point.