How exactly would this work? The brief blurb doesn't say, but our best guess is that Trioxide merely allows users to send video and audio signals from their console of choice to the PC for displaying. This theory is reinforced by the blurb, which states that any games played using Trioxide utilize their original game controllers, rather than the PC's keyboard or mouse.
Joystiq previously reviewed the Elgato EyeTV Hybrid (pictured above), a device that performs a very similar signal-display operation. Unlike the EyeTV, Trioxide would likely be designed strictly for game-playing, and would be optimized for low latency. It might not be the magic bullet people were hoping for, but Trioxide could still be a pretty sweet peripheral by our guesstimation.