Yes, you can stream video content onto devices like the Nexus 7 and Galaxy Note, but those require you to have an Internet connection. The key difference with the RCA tablet is that it can pick up over-the-air TV by way of Dyle and DTV. Dyle is a monthly subscription service that offers up to 130 channels, while you can pick up local broadcasts for free via DTV.
As far as the tablet itself, the RCA DMT580D is pretty middle of the road with its dual cameras, WiFi, GPS, Cortex A5 1GHz processor, 1GB RAM, 8GB of storage, and microSD expansion slot. It is notable that it's 8-inch 1024x768 display is of the IPS variety, though, which should make your TV watching a little more enjoyable. Battery life is rated at 4 hours for TV or 10 hours for web surfing.
There's no word on a launch date, but RCA has indicated that this TV-happy Android tablet should retail for $299.