Google is taking another shot at applying its tech to the living room. At a press event on Wednesday, the company unveiled the new Chromecast device, a low-cost accessory the plugs into a TV's HDMI port and allows users to stream video, share tabs from the Google Chrome browser or play music from their smartphones, tablets or computer on the television. However, with so many TV streaming accessories on the market, what makes the Chromecast such a big deal?

For starters is its ability to multitask. Apple TV and the Xbox allow users to stream a lot of content from their mobile devices to the television, however, the mobile devices then cannot be used for anything else while its streaming. Google says the Chromecast won't have such an issue. It will enable multitasking on the laptop, tablet or other device without interrupting what's happening on the television screen, according to The Washington Post.

Another major innovation that sets Chromecast apart from other TV accessories is its ability to work for Apple's iPhone and Google Chrome browser, Android devices, Macs and PCs. In other words, the Chromecast is not an accessory for a single type of consumer but for anyone with a television set.

The Chromecast comes off of Google's recently failed venture into the living room, the Google TV. The same development team behind Google TV is largely responsible for the Chromecast, which sounds like a recipe for disaster but it is more likely the team has learned from its mistakes and will now be ready to produce something successful.

According to USA Today the company has been working on developing something for the TV and has radically simplified the experience from Google TV. No longer will they attempt to integrate existing pay TV offerings, recruit app developers or utilize overly complicated remote controls. This time, Google has opted for a cleaner and more efficient experience for the user. Not to mention the low-cost price tag of $35 means its affordable enough to become a stable of any living room, much in the same way that tablets and smartphones have become a common element in a users coffee table or pocket.

Tell us what you think, are you a fan of Chromecast's potential or do you like your living room just the way it is?