Allowing you to play Vita games on your TV, the hardware has a slot that lets you load games from the handheld and then play it with a standard DualShock 3 or 4 PlayStation controller.
Additionally, the hardware will let you use streaming services such as Netflix and Hulu Plus and eventually will let you play your PlayStation 4 via Remote Play with DualShock 4, an impressive feature.
Finally, if you have a controller, you can play PSOne Classic and original PSP games, as well.
For now the set-top is Japan-only, launching on November 14th for 9,480 Yen ($95). A version with an 8GB Vita memory card and DualShock 3 controller will sell for 14,980 ($150).
Sounds interesting to me. I can pick up one of these while I wait for Vita prices to fall in the $100 range on the used market, and start picking up some of the decent titles before they become extinct and "rare".