holy shit one of those future time traveling people on /v/ predicted this

it works with regular cable, thats what it means by live tv. I would assume you can route your cable box (assuming you have a digital HD service) through the wii U and it would sync all together. Or perhaps the wii U controller can take control of the actual tv and switch the connections over to cable from the game page.

I think it's just a TV Guide you use on the gamepad while you watch TV. It doesn't actually know what you are watching.

No its live TV you just have to put your ISP info when you first boot up TVii.