Since the box they show takes 4 satellite inputs, I am guessing that it is basically a multiswitch taking a feed from a quatro LNB (borne out by one of the images shown during the video feed) and then sending a suitable stream via the house router to the client device that then runs some form of app to display that feed.
How are content suppliers going to charge for this, by the client device? Sky already charge £10.00 extra per room for multiroom, not so sure how they can police direct connections to TVs and Ipads, but I am sure they will find a way.
Elgato are already displaying an app for this on the itunes website: _http://itunes.apple.com/gb/app/elgato-sat-ip/id490084846?mt=8
Also with all of the various encryption systems currently in use, is the decryption is happening at the app? that is what would happen with a normal multiswitch after all - individual receivers at the end of each cable. I did not see anywhere to insert a viewing card in the demo box they were using.
Epgs are shown on an Ipad, so I assume it is receiving it's own feed, rather than something that has already been decrypted (the latter would surely place a huge load on the switch, decrypting multiple channels in real time, rather than simply forwarding on an IP based LNB feed).
Inverto have also certified the first box as of a couple of days ago _http://www.ses.com/4233325/news/2012/11967720