Technically why wouldn't it though?
It's a hard drive based console with support for HD-TV , when you compare the graphic specs in the system ..featurewise to that of a desktop graphics card, everything is there inplace for it to work , as if you were just running it from a desktop PC which works very well.
Also take note of the emphasis on multimedia aswell in the marketing, why on earth not? ....there is no reason unless the GPU isn't upto it as to why it wouldn't work some way or other. You can stream HDTV off a normal DVD on a PC same as you can from a hard drive, if it's not TRUE support then still , it could be buffer to the hard drive and will be plentiful enough, perhaps with a 30 second delay at the start of the movie.