Clarification: It's NOT a processor.
The Intel Viiv (pronounced "Vive" and rhymes with five) is a brand of Media Center PC's introduced by Intel. Intel claims each Viiv-based PC will feature dual-core processing, remote control operation, gigabit ethernet controller and wireless networking. Optionally, a Viiv-based PC will function as a personal video recorder with the addition of a TV tuner card. Intel Quick Resume technology will allow you to turn the PC on and off in a few seconds (after first boot) like a normal VCR or DVD player.
Basically, Intel is coming out with new pre-built Media Center PC's that will be pretty damn awesome as the new Conroe core comes out.