This thing is the Bluetimes Smart TV, which is being sold as a networked media player. But it's a bit more clever than that, as your £58 gets you a mini streaming device that's loaded with Android 4.0, making it a cheap Android computer/plaything that uses your TV as a screen.
The device is powered by a Cortex A9 Amlogic 8726 processor with the Mali400 GPU chipset, which is similar to that found in many cheap Chinese Android tablets that are floating about the place today. So it won't be an amazing performer, but still ought to run Android 4.0 better than many of last year's cheaper Android tablets.
In terms of media playback, it supports MKV, MP4 files and more, plus the 4GB of internal storage can be augmented with a USB stick if you're trying to play something large and HD. It also comes with a wired Ethernet socket on the back if you'd rather not rely on Wi-Fi for streaming media, and access to Google's Play Store, for direct download of films from Google's bit of the internet.