The people behind "Xbox" and "Xbox Live" will be revealing the Xbox Smart Glass tablet behind closed doors to a select group of people. In the official “Microsoft Confidential” presentation, they specifically noted this:

Will allow users to control their Xbox 360 remotely. Will be available cross platform on multiple operating systems including Windows, Windows Phone, Android and iOS.

Applications will be accessible through the tablet. Such as Youtube/Netflix/Vemo ect.

Live streaming ability through the tablet to the TV, desktop, lap top and other devices.

A demo at E3 will be shown, but no live video will be featured

via examiner.com

A lot of what Microsoft is doing these days is around Xbox.