The buzz of the day is Google TV – with most analysts having a Googlegasm and saying things like Louis Gray’s “While Apple Slept On Their Hobby, Google Executed” or Vince Veneziani’s “Google TV Is Now The Most Important Thing In Television”.

Google TV is certainly interesting – but it’s not likely to beat Apple TV by being a better Internet television box.

The growth of Apple TV has been limited by the facts that:

• television geeks already have mind-boggling options; and
• licensing deals keep sites like Hulu from making their content available on Internet TV devices.

Is Hulu going to be on Google TV? No.

Will it matter that Google TV supports Flash? No.

Will content providers be dumping their lucrative cable deals for Google TV anytime soon? No.

If Google TV is going to beat Apple TV – it’s going to do it for other reasons.

Here are five likely ones:

1. Your eyeballs should be more valuable to Google TV than traditional broadcasters. Google knows what you’ve been searching for, what ads you’ve clicked on in the past and where you live, so it can make it easier for advertisers to target you.
2. Google TV is going to be a development platform – and a jillion developers are going to come up with new ideas for things to do with a giant screen in living room. Things that aren’t on Apple or even Google’s roadmap. The first company to establish the living room screen platform will have a huge advantage.
3. Google TV bets on the idea that your digital stuff is moving to the cloud. Apple TV, iPods, the iPhone and even the iPad are designed around a convoluted computer-centric relationship with your digital stuff. If you want your photos on Apple TV, you’ve got to load them onto your computer and then sync them through iTunes to Apple TV. If you want to watch your home movies on your iPad, load them onto your computer and sync them – through iTunes. How about cameras that upload your stuff to YouTube and Flickr and having it just work with whatever device you want to use?
4. Google TV is brought to you by they guys that own YouTube – and Google can deliver a better living room YouTube experience to Google TV than it does to other platforms.
5. Google TV will  be porn friendly. Meanwhile – Steve Jobs wants to deliver a Disney-like Internet experience, free of porn unless you are explicitly searching for it.

What do you think? Is Google TV going to be the device that turns the living room screen into a platform?