(1) Chromecast really is tiny: The stick is just two inches long, with a micro USB port on one end and a HDMI plug on the other. So it won't take up precious space in an entertainment center.
(2) It has a power cord: That micro USB port is for power; you'll need to run a USB cable from the Chromecast to the included power adapter or a USB port on your TV. So the unit isn't a fully self-contained gadget that will hide neatly and completely behind a TV. It's worth noting for anyone who plans to carry it around to friends' houses, meetings or other places where connected TVs aren't available.
(3) There's no learning curve: Google repeatedly emphasized that there's nothing new to learn and no configuration to fuss with in Chromecast. It's fully controllable from iPhones, Android phones and laptops—in other words, a variety of gadgets that lots of people already own. Those can manage playback, pause, skip and even volume without any real setup or need to learn new sets of controls.
(4) Chromecast is largely platform agnostic: You can control Chromecast from Android phones or tablets (version 2.3 or above), iOS devices (6.0 or higher), and computers with Chrome for Mac (Mac OS 10.7+) or Chrome for Windows (Windows 7+), as well as the Chromebook Pixel. Support for other Chromebooks is in the works.
That agnosticism extends beyond simple control of the Chromecast. You can also resume watching, say, a Netflix movie on your mobile—whatever it is—from the precise moment where you left off on the TV, and vice versa.
(5) It's cloud-only: Unlike Apple's AirPlay, Chromecast does not involve flinging saved files from a phone, tablet or laptop to the television. Just tap a button inside a compatible site or mobile app, like YouTube, and the device grabs the same clips, songs and pics from the cloud. The upside is that this won't kill your mobile's battery, and you can keep using your device without causing the stream to stutter or crash.
The downside is that if you have a big media library saved on, say, your PC, you'd first have to upload it YouTube or another compatible site before you can play it through your TV—at least for now. Google's new Googlecast Software Developer Kit could change all that, though. Now that developers can make existing and future apps work with Chromecast, it's not hard to imagine some crafty app maker figuring out how to pull in local files too. (Yeah, I'm look at you, Plex.)
(6) Compatible streaming sources are limited now, but sure to grow: The list of current and future offerings cover only a few major sites, including YouTube, Netflix, Google Music, Pandora and Google Plus photos. In time, though, there are sure to be others, thanks to the Googlecast SDK.
(7) If your media plays in a Chrome browser, it will play via Chromecast (for the most part): You don't have to wait for specific apps to support. The Chrome browser powers the device, and it's capable of tossing practically anything from your laptop to Chromecast on your TV (though Silverlight and Quicktime videos need not apply, notes Wired). Hulu, Rdio, and HBO Go reportedly work this way; so does Flickr photos and browser-based online presentations.
(8) If you're hoping Chromecast will play nice with DRM-protected iTunes files, well, stop: This is not likely. At all. iTunes DRM (digital rights management) is fierce, and it has foiled countless other developers who'd like nothing better than to let their users enjoy iTunes videos.
Things get even more complicated when you consider Chromecast's cloud-only modus operandi, since shows you buy or rent from iTunes comes via download only, no online streaming. This is daunting enough, but with the bad blood between Google and Apple, Chromecast has next to no chance of overcoming any of these issues.
(9) Consumers are already swarming in: The Google Play store has sold out of Chromecasts, with the earliest ship date showing August 7 (as of this writing). Amazon briefly had it, but then also sold out. At this time, Best Buy online is the only Internet retailer I found that has inventory, and here too, it's very likely to sell out quickly.
At $35, it's likely that many customers aren't just buying one—they're probably picking up piles of them, as Google recommended, for use on every TV in their house. The takeaway: If you want Chromecast and you spot it online, grab it. Grab it now.
(10) The free Netflix promotion applies to everyone: Every product purchase comes with three months of Netflix for free. This is not some limited offer for new customers only, but a valid promotion for both new and existing subscribers. (I confirmed this directly with Netflix.) If you factor that in, the already meager price of the Chromecast drops even lower still—to the tune of $11.