The videos linked below give you a lot more info. The MTV thing sucked, but it was more for the masses; it was just a big commercial.
I didn't start getting excited about it until I watched these videos. I have a 110" screen with a projector capable of 1600 x 1200, so the thought of four-way split-screen 1080i gaming does have me pretty excited. I just hope we don't have to wait too long for good games.
http://www.ourcolony.net/
http://www.gamespot.com/features/6124293/index.html