In addition, of course, it gives us a universal console, although I do think its worth pointing out that multiplayer may be awkward (except for turn-based multiplayer) simply because there won't - I'm sure - be pad input. Which would, of course, be cool, but that, unlike TV-out is hardly an essential.
Could be a nice first mod though
That said, if GPH could contrive to make the TV out a 2-way thing with a serial port connected too, that would render the situation in an entirely different light, simply because of all those adapters for the PC - playing on DRMD with a megadrive pad on a TV but using a console an eighth of the size would be insanely cool, especially if you could then switch over to a NES emulator shortly afterwards, before watching Last Samurai or something...
Very good news imho.