Web 2.0 power house Google has announced another product that is sure to give the existing market a run for its money, Google TV.

Google TV promises to deliver the power of Chrome to your television set via a little wifi box (that I’m guessing will be similar to the Roku) in Fall 2010. It will feature a full-fledged Android market starting in 2011.

Google TV will allow users to watch Youtube and Netflix instant streaming from their television sets.  Oncemore, Google TV pledges “unlimited access to the entire internet” which promises to bridge some of the limitations of the Roku player.

But wait a sec, is anything going to be different or better about Google TV? Google TV Ads (TV advertising from the Adwords platform) has yet to ink a deal with Hulu or any of the major TV networks, so chances are you won’t (at least right away) be able to stream any of that stuff from your GTV player. Hulu currently blocks its shows from being accessible via the internet browser on gaming stations, and all signs point to a similar situation with the GTV player.

Hulu Plus

For $9.99 a month, Hulu Plus will soon allow you to stream TV shows via your ipad, iphone, ipod, Playstaion (in July) or Xbox (next year). For now, Hulu and Google remain competitors, not partners, because Hulu is owned by media conglomerates NBC Universal and News Corp. We’ll have to wait and see if Google and Hulu make nice or if Google decides to give us yet another way to stream TV shows.

What it Means

My prediction is that it won’t be long until your TV and computer are fully integrated devices (because if you think about it, your TV is really just a large computer screen). GTV is promising Bluetooth connectivity in the future, so we’ll soon be able to plop down on our couches with our keyboards and work from our TV screens.

What does this mean for marketers and advertisers? Does it mean the expansion of Adwords across more platforms and channels? Right now, Google TV Ads is only available to a limited number of Direct TV subscribers on limited cable networks. The great thing about having Google in the TV advertising market is that: 1.) It makes it more affordable by cutting out media buying organizations and 2.) It makes TV advertising more accessible because it’s manageable from the Adwords interface.

Once the internet is truly fully accessible on any TV, I predict the world of internet advertising and TV advertising will merge. Banner ads will flash across your TV screen, marketers and small businesses will be paying per click for ads running on Google TV.  Will Google make TV advertising even cheaper and more efficient? Will it lower the barrier of entry to even more small businesses? I’ll be sure to keep you posted…