Google TV as a software platform, is at its heart Android and Chrome combined and tweaked to be viewed on a large screen television. And it is coming to the UK as the Sony NSZ-GS7.
The first generation Google TV products were commercial failures. Logitech discontinued the Revue range after losing more than $100 million on that single product and pulled out of the Google TV project altogether.
A Google TV box like the Sony NSZ-GS7 is an ARM-based device with a clever remote control/keyboard. Given that the overwhelming number of customers looking to buy a Google TV would very likely be Android users, it's not a huge leap of imagination to figure out that the box could be a bog standard "tablet-without-screen" device like this Pseudo-Google TV box or that Android PC one.
Both cost less than £560 and pack almost the same features as Sony's box. One could even argue that a tablet like the Disgo 7000 could be used as a Google TV device.
As for the remote control, a number of hardware manufacturers (Panasonic, Sony, Vizio) have been working on improving apps for Android devices (tablets/smartphones) allowing them to control Smart TV sets.
Ultimately, Google TV should be as sleek as the Apple TV, AirPlay and iOS combo. With the number of Smart TV sets increasing fast, the solution needs to find its feet faster or risk being obsolete as smartphones & tablets become the new remote controls and Google TV hardware get integrated in TVs.