The favorites section is a pretty nice feature though. Say you live and breathe ESPN, if you set it as a favorite channel you will instantly see what is playing on it. Add in all your favorite channels and you can cut your searching down dramatically. It is sort of your personal TV Guide to only the channels you actually like. When you open a  movie or TV show for the first time you will be prompted to rate it. Then Google will take that information and deliver more or less content that is similar. They are really trying to personalize your interaction with your media.
Be sure to update the app next time use your Google TV unit. Hit the source for the full look and walk though of the new features.
Source: Google TV