Hopefully this IPTV service can also be viewed on a browser and on any smartphone or tablet. That portability would be a killer feature. And something that cable and satellite live-TV companies won't have.
If they limit this to only Playstations and other Sony devices and smartphones(like they did with Remote Play), its good as dead. And the stakes are too high.
The global pay-TV market is worth $280 billion a year. If Sony is able to successfully get even a minuscule fraction of that, that would be the holy grail.