Obviously, there is some overlap with the Xbox controller: directions and A,B,X,Y buttons are present to deal with basic user interface elements. After that, you will find the usual play+pause/rewind/forward buttons.The remote is fairly basic, but I’ve seen much worse for the price, and if you use the xbox to watch movies often, it should feel better than using the gamepad.
Incidentally, Microsoft has also announced a $60 Bluetooth wireless headset that should come out at the same time. It’s nice and shiny, but it’s just a BT headset, so if you want to save a buck or two, it’s possible to get something cheaper.