It's cool and all but what is the difference from http://www.mytvshows.org or even http://www.boxee.tv/ ?
I believe that last.fm works because it scrobbles what you've listened without you ever noticing. Having to manually mark an episode as "watched" is a big hassle and will never work well.
So this is a good idea, that implemented some nice features but that is not solving the main problem. Boxee solves that problem but misses these satellite features.