Crunching for a launch game isn't that crazy. I would be surprised if a large part of Microsoft and Sony's workforce hasn't been putting in 60+ hour weeks for the past few months in order to get these consoles launched/etc.
I wouldn't be surprised if we see a stripped down X-Box that only does the media stuff in the relatively near future. Something that can run apps/etc but not the games, has no disc drive, and is much smaller/cheaper.
Probably, Team Spooky has been doing streams/etc for a long time now. You also probably don't have the ability to add the overlays/etc that they use when streaming direct from the console.
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