Turns out that IPTV option loaded into an Xbox 360 during a repair was a mistake not a sign of things about to hit. Microsoft told Joystiq that the IPTV feature seen in several screen caps were real, but a mistake.
"Internet Protocol Television (IPTV) features will only be available from the Xbox 360 through a service provider who has deployed Xbox 360 with Microsoft Mediaroom (IPTV) services. This was an isolated incident where these features were inadvertently exposed while the customer's console was being serviced and is unrelated to the Fall Update. Xbox 360 with Microsoft Mediaroom (IPTV), will be available to service providers by the end of the year. Microsoft's IPTV service providers will ultimately determine the timing of Xbox 360 with Microsoft Mediaroom deployments."
So we're back to where we started. We know IPTV is coming by the end of the year and that it will be through service providers. What we don't know is which service providers are going to bite the bullet and test the feature out.