Engadget’s answer.

Google TV isn't a single product — it's a platform that will eventually run on many products, from TVs to Blu-ray players to set-top boxes. The platform is based on Android, but instead of the Android browser it runs Google's Chrome browser as well as a full version of Flash Player 10.1. That means Google TV devices can browse to almost any site on the web and play video — Hulu included, provided it doesn't get blocked. It also means that Google TV devices can run almost all Android apps that don't require phone hardware. You'll still need to keep your existing cable or satellite box, however — most Google TV devices won't actually have any facility for tuning TV at launch, instead relying on your existing gear plugged in over HDMI to do the job. There's a lot of potential for clunkiness with that kind of setup, so we'll have to see how it works in person.

Yep. Judging from my experience with the (deeply flawed) T-mobile Pulse Android phone, we certainly will. Here’s my prediction: common platform, lots of different hardware, nobody taking responsibility for ensuring that the thing works as a whole, millions of pissed-off customers.