Samsung and LG smart TVs both come with what's essentially a Wiimote as a remote control. It's a motion sensor that controls a pointer on the screen like a mouse.
I read (but can't find the article now) about the internal fights about LG smart TV UI. The webOS team created the simple UI that shipped. LG's design teams hated it because they had bonus incentives such that managers would get bigger bonuses the more widgets their teams shipped. The webOS design won mostly because it was done in time for CES. I think there are some good product lessons there. :)
Looking at the image and assuming a similar level of precision as the Wiimote, it looks like it would be hard to quickly land your cursor on the right 'ribbon' and I would much rather have a grid with big, easy to click on tiles.
On the other hand that stylish ribbon design looks like it would work well with directional arrows, 1 right for Netflix, 2 left for CinemaNow, quickly gets into your muscle memory.
A friend of mine has an LG Smart TV with one of these things, and it's completely awful. When he was staying with us for a week and realized that my remote would control his TV, he immediately went and bought one off the internet so he wouldn't have to use it.
http://i.imgur.com/XEn3vBk.jpg
Note the overlay over the TV image, and the salmon colored pointer near the vudu icon. No grid and no directional arrows.