From Apple’s tvOS webpage:
Watching TV has quickly become all about apps. And now, with the new TV app, you have one place to access shows and movies from multiple video apps — in one unified experience. The TV app lets you see all the movies and shows you’re watching. Find upcoming episodes. Get recommendations for new things to watch. See your entire iTunes video collection. You can even start watching a movie or show directly from the TV app. All without switching between individual apps.
I’m not too keen on the name or the icon, but I’m sure it will grow on me in time. And it’s terribly unfortunate that Netflix isn’t one of the supported services. This will undoubtedly be a sticking point for a lot of users until Apple is able to work out a deal.
I can’t wait to get my hands on this, though. The app-based interface for watching media content doesn’t scale too well, once you have more than a few services, you find yourself cycling through each one while browsing for something to watch. This simplifies the experience and offers an interface that’s much more attractive than that of most standalone media apps.