User NeutralX2 uploaded a video that shows a more in-depth preview of what we could expect from the IPTV service. The video shows how to access the Television category in the Media blade, how to pause live TV, how your able to accept voice-chat while watching TV. In a nutshell, everything you could do with the Xbox 360 normally (i.e. chat invites, game invites, messages, etc.) you can do while watching the IPTV.
I highly recommend any gamer take a look at this video to give you a better understanding of IPTV and what to expect for the future of gaming.