Sounds like they've taken the Wii U idea of controlling your TV as well and put it on steroids.
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Yeah that's true. But because this plugs into your cable box, it can access channels or even the whole UI, and then add its own services. MS could even do the Wii U's "second screen" remote control by just developing an app for phones and tablets.
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I somehow see it being a feature for Windows Phones only...
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That would usually be the case, but for a feature like this, the more people using it the better. Just like Smartglass, which supports iOS and Android. MS knows there aren't enough WP phones out there for them to release an app for them only.