According to The Verge, the new Xbox (Xbox 720) will be much more than a game console. Already it is possible to use the current Xbox as a video player, but the new Xbox will go much further.
The sources that talked to The Verge mention that the new Xbox will be able to create an overlay on top of the existing TV channel showing extra features and menu items. You will have to plug the TV cable into the Xbox. The enhanced signal will then be distributed to your TV screen via a HDMI cable. This could mean real-time additional information and features for TV shows and films. Real-time enhancements of TV shows has been promised for a while now, but so far we have not seen a successful implementation. And although I would love to try it, I am still not convinced that people are really going to use it. Especially not when there are more than one watching.
Obviously, the next Xbox will have a Kinect sensor as well. The Xbox 720 Kinect sensor is supposed to detect multiple simultaneously and will be able to pause the program when viewers look away. I am not really sure if this would be a feature I would use as I love to look at my phone or do other things whilst watching. And I guess I am not the only one.
With a Xbox event planned in May, we hopefully do not need to wait much longer for the final specifications.