Nintendo TVii offers a program guide, a variety of streaming media and social features and is a free service. Netflix, Amazon Instant Video, Hulu and Live TV are all supported, along with the ability to schedule TiVO recordings (if you own a TiVO obviously). Nintendo TVii also allows users to check sports scores and keep tabs on what other family members and friends have also been viewing.
As for games, Nintendo snatched up the rights to Bayonetta 2 and it will be launched as an exclusive for the console. Capcom announced Monster Hunter 3 Ultimate, Activision revealed a number of ports including an enhanced Call of Duty: Black Ops II, and in general, most publishers had at least a few ported games in the works.
Stay tuned for more details and media.