I have not seen too much about this smart glass product, but it seems like a good way for MSFT to be able to have a "Wii U" style product for the Xbox. The biggest difference is that this software can run on multiple devices and OS'. This makes it much more accessible than iTunes for content. Then the only battle will be for the rights to content and developers, and both have some big name players on each of their respective teams.
http://www.gamesindustry.biz/articles/2012-06-16-xbox-smartglass-will-improve-microsoft-multi-screen-strategy
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