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A day later and a ton of quality information.

1) http://www.androidcentral.com/chromecast-setup-and-first-impressions
Very good walk through of the device. Seems extremely simple and easy to use. Also reaffirms that literally anything on the chrome browser is cast to TV with ease... including free Hulu.

2) http://www.droid-life.com/2013/07/25/tip-you-can-play-local-video-files-through-chromecast/
In fact, you can use your Chrome browser casting to allow you to play any media you have stored locally on your device. (probably to the extreme with Chromebooks where its technically only a browser)

So with this, you can say have movie files acquired from other places downloaded and play through TV. :)

Again... all from a $35 device that is only going to grow in capability.