Aside from saving you a few hundred yen on TV Guides this is a bit of a waste of 135 blocks of your Wii's internal memory, but as it is free of charge we can't complain too much.
Maybe Nintendo might have bigger plans for this such channel such as an HDD/Tuner add-on to enable the Wii to actually record TV (a similar service is coming out soon for the PS3). That would be interesting, but at the moment it seems unlikely.
There are no announcements that the TV Guide channel will become available in Europe, North America or Australia. Implementing the Japanese G-Guide is one thing, but trying to support every nationalities free-to-air TV schedules seems like a bit of a tall order.
Check out the vid: