Google TV Ads extends the Adwords platform into TV [it also does print and radio].
It allows you to plan and buy a TV schedule based on station and daypart and so on.
Or it will create an optimised TV schedule for you based on your desired demographic.
You can then buy TV like you buy Adwords, setting daily impression and budget targets, and monitor your delivery, getting results the next day.
If you don't have an ad, it connects you to the Google Ad Creation Marketplace, which connects advertisers directly to production companies.
They are currently offering to reimburse you for ads created through the marketplace, up to the cost of $2000.
At that budget level they clearly remained focused on the long tail of advertisers, lowering the entry costs of using mass media.
But one day disintermediation is going to call into question the need for advertising agents to perform many of the tasks detailed above.