The idea of a TV tray is to be able to watch TV while you eat or do other things that require a table. This idea keeps the TV close, no matter where you are. It has the potential of making the TV easier to see, being a portable game setup, or a portable computer desk.
As I see it, there should be these versions:
Version 1 - No TV
This one seems pretty pointless unless the features like legs and table are proven to be far better by design, or become a status symbol.
Version 2 - TV
This one comes with a LCD/Plasma TV mounted to several swivels, as seen in the concept art. To prevent injuries and improve the aesthetics, there should not be any plugs (except headphones) physically on the TV. Instead, they should all extend out of a wire out the back. This will also add range by functioning as an extension cord. It should also be heavily insulated and protected, because it would be hard to replace.
Version 3 - TV + Phone
This one comes with a microphone, and uses the integrated speakers to become a speaker phone.
Version 4 - Touch TV + Phone
This one comes with a very nice touch screen LCD/Plasma TV, and is mounted on an arm. The arm allows the viewer to pull the TV closer, above the contents of the tray, or to the side of the tray. This TV should have extra plugs for the users computer on the extension cord. The touch screen provides a mouse and keyboard output using a virtual keyboard, and touch mouse (similar to the iPhone). It should also have several unique buttons next to the power button to allow for easier window management. Just one of the buttons could perform functions like opening, bringing to foreground, and expanding the navigation of the web browser (a customized Firefox). Another button could bring up a menu for internal phone functions.