I'm actually waiting on what Microsoft will do since all the major CPU retailers are releasing their chips in June this year.
A maintenance-free all-in-one entertainment box is a great idea.
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Microsoft really wants that marketshare since their competitive products (i.e. Roku, Apple TV, Nexus Q, PS3, Wii U) are slowly filling those gaps for many casuals.
Exclusive viewing content will be part of the announcement. How? We're not sure yet, but it will probably be something for people to up their Xbox Live Gold/Platinum/Titanium subscriptions.
MS already rebranded all its former Zune entertainment services to now Xbox (i.e. Xbox Music, Xbox Video).