I just think of it as MS's version of TVii. Just like Nintendo wanted the Wii U to be the only box in your living room so they let you control your cable box through the unit, build custom profiles, use second screen tech, etc, this is MS's solution.
All these devices are converging - consoles, set top boxes, etc, you're really only gonna need one box for Netflix, TV, and all the TV functionality. So all the console companies are battling it out trying to position themselves with proprietary front end solutions they hope become standards in the end. I'm pretty sure Sony will have something similar when they showcase their hardware. Without the TV front end tech (Gamepad, Kinect commands), the only real product differentiation you have is game IP.
The games will be there, I think that's a given. I'd be more worried about the share button on the PS4 controller than about MS focusing on TV integration. For someone to decide it was worthwhile to devote a whole button to connect to FB makes me think the PS4 was designed by people who play Farmville.
It's not a button that connects to Facebook though. The primary sharing platform is the system itself, looks how Steam handles it. I imagine it'll be the same, "STEAM ID uploaded new screenshots of GAME X".
It's just there's also the option to upload to YouTube, social media sites.
And personally, as anyone on my Steam friends list will know, taking screenshots of games is quite fun especially in game with killcams. Steam also auto-tags anyone in the shot so they can see the pics I took of them. It's all rather great and I hope the PS4 matches it.