Big Google TV news reportedly being announced at Google I/O this Wednesday

It would not be too far-fetched to claim Google TV is a lackluster affair— even after it has been on the market for close to two years. Executive Chairman Eric Schmidt said one of the issues with Google TV is that it is not embedded in enough set-top boxes. That could be the problem—or maybe it is just the software. I guess that is up-to personal interpretation. However, at this year’s Google I/O conference, we may get a closer look at a totally revamped Google TV platform that could change the direction of the platform.

Clayton Morris of Fox News, who cited “people familiar with the keynote,” reported that Google would announce a slew of updates for the platform. Morris pointed to the biggest announcement being a joint live TV, DVR, and Netflix interface that will allow you to see all of your content in one place. It is said to let you watch the content you want anywhere without having to dig to find it. Other features that will be shown-off include an AirPlay-like interface for watching content between the smartphone and TV, with a focus on getting third-party apps on the Google TV platform. It should certainly be interesting, along with the tablet and Jelly Bean news expected to unveil.

Last December, Schmidt made some bullish comments. He claimed Google TV will be “embedded in the majority of new TVs by summer of 2012. ″ Time is certainly running out on that promise, Mr. Schmidt. In February, GigaOm said Google TV device sales only looked to be in the 500,000 to 1 million-unit range. Ouchies. Google also launched a new Google TV website design this evening:

The new website gives an overview of Google TV’s features with a listing of all the embedded products, including a long list of TVs and set-top boxes. The website should give newcomers a good understanding of the platform.

We will cover all of Google’s announcements at this year’s Google I/O keynote, which is happening Wednesday at 12:30 EST. Our own Seth Weintraub will be live at the event, perhaps giving Google’s new liveblogging tool a spin. At any rate, 9to5Google will have you covered with the announcements out of the Mountain View folks later this week. Stay tuned!