Xbox Live already offers a way to access selected Foxtel channels, but that doesn't come for free. So the announcement of plans to offer streaming services from the ABC (iView) and SBS (On Demand) to Australian customers is welcome news.
Unfortunately, we don't have a specific date for when that will happen: the press release only says it will be "in the coming months", and notes that it will include gesture and voice-based control via Kinect. It also seems unlikely that watching iView in this way will be unmetered, as that hasn't generally happened with other non-PC iView platforms such as TV sets. But using an Xbox 360 to access iView will still be a lot simpler for many people than setting up a dedicated lounge room PC.