What is LG's WebOS Smart TV System?

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Smart TVs are very varied in their implementation. Generally the hardware is underpowered and the system itself doesn't feel all that snappy.
Well LG bought an OS from HP and decided to put it into all of their Smart TVs. It is marketed as a multitasking-friendly OS, but is it good? Linus gives you a rundown of WebOS and some of our thoughts on this latest generation of Smart TVs.
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