I have never believed in the IPTV strategy pushed by the telcos and cabler operators. Don't get me wrong, I do blieve in content and interactive programming becing delivered to your TV via TCP/IP. I just don't think that telcos and cable companies are going about it the right way.
What is the point of building this seperate closed network on all these great open standards? We already have a network - it's called the Internet. So the cable companies are spending billions trying to build out these fancy IPTV services when in the end it will be the Internet that delivers content and interactivity to your TV.
It has gotten so much easier over the last few years to connect your TV to a computer. Heck, most of the time you don't even realize it is connected to a computer (e.g. TiVO, DVRs). Sometimes, like Microsoft's Media Center it is obvious your TV is connected to a computer. In any event, the creativity and selection of content on the Internet will blow away anything a single cable company will dream up. I expect some of the services they offer to resonate, but I do believe tens of millions of people will consume content via their TVs via a computer (doesn't have to be a PC form factor) controlled connection to the Internet.