It has been nearly a month since Google TV was first announced at I/O this past May. Since then, the reactions from the media, as well as the general public, have been a mixture of wonder, anticipation, skepticism, and disregard. Given the fact that very little is known about how the platform will actually perform, opinions are being formed based on a mixture of the information that was received from Google at I/O, and what has been trickling out of the tech blogs and media outlets. What is obvious from following all of the data streams is that people are generally torn over what to think/feel/expect from Google’s latest offering.

On one hand, you have those that are genuinely excited and eager to sample the search giants foray into home entertainment. Many of these folks are looking through the lens of business and profitability more so than the entertainment aspect.

James McQuivey, writing for Forrester, points out that TV brings in about $70 billion a year in advertising revenue, about the same in cable and satellite subscription fees, and another $25 billion in electronics sales. If you take into account the additional money makers, such as paid on-demand movies and prime time sporting events, TV is an almost $200 billion dollar-a-year industry.

Some feel that Google should have stopped with TV ads, which to date has pulled in an estimated $200 to $500 million since 2007, but by being in control of how users find and view their content, Google is better poised to target ads based on viewing habits and personalized search. Current estimates place the average US viewer in front of their TV for nearly 5 hours a day, which makes Google’s venture into TV almost a no-brainer.

From a user standpoint, those eager to get their hands on Google TV are looking forward to the ability to watch all their favorite online content directly on their TVs. There are certainly a number of alternatives (some better than others), but unless you are a DIY enthusiest or do not mind using multiple pieces of hardware and/or software, there really has not been a user friendly be-all, end-all solution for pulling content from Youtube, Netflix, and other major online video sources.

Google also has Android on it’s side. With the mobile OS user base, as well as the Android Marketplace, growing every day, Google is gaining a legion of supporters who are likely to have an interest in what Google TV has to offer. The Android Marketplace instantly gives Google a tried and tested platform for delivering apps, and provides developers an accessible market to host apps and content tailored for TV use. Also, with Logitech offering an interactive and useful means of controlling Google TV, the basis of the Android argument gains even more credibility.

On the other hand, you have the skeptics. These individuals, some for business reasons, others more personal, are of the opinion that integrating TV and the Web has been tried before, often unsuccessfully. Some point to Apple’s largely failed attempt with Apple TV, or the much delayed Boxee hardware box, which many wonder if it will ever see the light of day.

Speaking of Apple, Steve Jobs, unsurprisingly, has been one of Google’s most vocal critics. Speaking recently at the Wall Street Journal’s D8 conference, Jobs had this to say about Google TV, and TV in general:

“The television industry fundamentally has a subsidized business model that gives everyone a set-top box, and that pretty much undermines innovation in the sector. Ask TiVo, ask Roku, ask Google in a few months. The only way this is going to change is if you start from scratch, tear up the box, redesign and get it to the consumer in a way that they want to buy it. But right now, there’s no way to do that….The TV is going to lose until there’s a viable go-to-market strategy”

Jobs is not the only industry figure to voice their opinions about Google TV. TiVo recently weighed in on the argument in a post on the company’s official blog, where VP of marketing Tony Lee sought to remind everyone of his company’s impact on television, namely revolutionizing DVR.

Others have argued that Google will face opposition from cable and satellite providers (Dish Network excluded), and that TiVo and Hulu pose serious threats to their success. There are several flaws to these arguments, however. With practically all cable and satellite providers offering set-top boxes with DVR functionality built right in, often times at no extra cost, there is little reason to seek an expensive, third party option. Of course, TiVo does offer many features not found in these other devices, including the ability to stream Netflix, but with a Google TV hardware box likely to cost roughly the same, consumers might be inclined to go the Google TV route.

Also, if Google can partner up with a couple more service providers in addition to Dish Network and bring Google TV powered hardware to millions of homes via standard set-top boxes, Google could gain a serious edge over the competition.

Still, the path for Google to achieve dominance in TV is not clearcut, as serious competition potential still exists. The major elephant in the room for Google is Apple, and although the heavily rumored Apple TV 2.0 was not announced at WWDC 2010 as expected, you can bet Apple has something in the works. There are others too, like Boxee, which could be a thorn in Google’s side, especially if bought out by a giant like Microsoft.

Until Google TV is actually released, however, many will continue to remain on the sidelines. Google certainly has some hurdles to overcome, but if they play their cards right, and continue to establish partnerships with major companies, Google TV has the potential to go as far as they chose to take it. Until then, we will continue to wait with anticipation, and keep our eyes on the debate which is sure to carry on in the months to come.