Sure, this is HUGE news. But I'm worried that our little brave system is unable to make it: For a start, it has nothing on it to serve a television set, and it's user interface has a completely different paragdigm.
So, an enormous task of expansion and enhancement is ahead. But Derek said that they started working on this months ago. That's fantastic.
If webOS can make it, and I'd take it with a pinch of salt or two, we can expect an enormous improvement all over our system: Imagine that, at least, new apps for the fashionable internet TV platforms should be crafted. But not only that, imagine new and updated user interfaces, enhanced kernel and services, and don't forget, floks: Drivers. I suppose LG has to give excellent support for that "L9" dual Cortex A9+MALI 400 chip that ARM has made for them. Information is almost nonexistent.
They already made a first attempt, Google TV based, with little relevance, some months ago. They also have their own TV operating system, which seems not to be any good, but prefer to Google's because of licencing issues.
Let's see if this "I'm going webOS" is no more than an strategy to force Google give them back free licenses. I for one would be very proud to show how my struggling mobile phone helped the TV industry be smarter.