The tiny gadget is a very similar to the Apple TV and Roku.
The PS Vita TV will only be available in Japan at first. It'll cost the equivalent of about $95 U.S., putting it in the same price range as the $99 Apple TV. Sony's box has a slot that lets you load up games for the PlayStation Vita, Sony's portable video game console, so you can play them on the big screen using a regular PlayStation controller. It can also play some games from the original PlayStation.
The Vita TV will be able to connect to the upcoming PlayStation 4 console and will let you wirelessly beam games from the console to the Vita TV if the Vita TV is in another room. That's the most exciting feature. With one PS$ console, you could theoretically play your games in any room in the house.
Finally, the Vita TV has Hulu and some other streaming video services specific to Japan. The company did not announce when or if the device will launch in the U.S., but it will launch in Japan in November.
Here's a demo video of the PS Vita TV: