So do you get the channels like you would with say DirecTV/Dish/Time Warner/etc, or do you need a cable provider to be able to watch the shows and the console just acts as a gateway?

Console acts as a gateway. I still don't understand the value add in that proposition as your cable/sat provider is still the main hub and DVR.

Sony is doing a TV subscription service called "Vue" but I still say Netflix & Hulu (for all its issues) are more than enough content for me.

Yeah, you aren't cutting any cords or anything. The Xbox One takes an HDMI in from your existing cable box or what have you, and outputs it via HDMI to your TV. As an intermediary of sorts, it eases the switching between TV and gaming, especially if you have the Kinect. The voice-control stuff is really handy for the TV/audio controls. I use the hell out of the "Xbox, watch TV" or the flipside of that, "Xbox, go to (insert game) command rather than worrying about manually switching inputs, and "Xbox mute" and "Xbox, volume up/down" are useful, as is the channel-switching. Also, shutting everything down and starting it up with voice command is great. The value add is the convenience. It may not sound like that much, but not having to hunt for the remote as much, being able to have basic control of the TV while I'm cooking dinner, turning it on while walking in the door carrying things, turning it off while flipping lights off to go to bed, etc. is pretty sweet.

Honestly, though, I don't find myself using the Xbox Guide overlay instead of the cable guide because the DVR content can't be accessed by the Xbox One. Also, I imagine if you don't have the Kinect, the TV functionality just isn't that useful, because using the controller isn't really different or easier than using a remote. You can't ditch your cable, and you can't fully ditch your cable remote, so if you're expecting that, you're likely to be disappointed. However, for those who opt for the Kinect, voice controls for TV/audio are a really cool feature that really does add to the user experience and makes your Xbox One an entertainment hub of sorts. It's also worth noting that this functionality is even better on app-based services like Netflix, Hulu, HBO GO, etc., because they were already designed to mostly obviate the use of a remote, so the voice controls can really shine there.

Overall, it's not exactly a "game-changer" or something that's particularly necessary, but it's sure nice to have if you've got it.