Okay, this is the sort of thinking that I dig: a PC case custom-designed to be hidden behind a flatscreen TV so you don't have a tower in your living room.
There's obviously way more going on, and the
video on their Kickstarter page does an excellent job selling itself (if you're into gaming PCs). My only real question is if the chassis covers other inputs on the TV (like HDMI ports, component cables, cable input, etc) but I guess that depends on the brand of set that you have.
I also think that it's cool that they're selling raw chassis so that people can build their own, though it looks like you should be able to swap out any component when it dies or a better model comes out. I can imagine that chassis lasting a long time.
It should be interesting to see what this leads to, it's meant to be used with Steam Big Picture, but I can see this also being used as a home cinema system.