Chrome and Firefox are the leading third-party web browsers on the desktop platform, so it would make sense that they'd go head-to-head in a fight for living room supremacy.
It appears that the team at Mozilla are looking to make the new device compatible with existing Chromecast apps. As demoed in the video, the streaming stick already plays YouTube videos with the native Chromecast functionality.
Branding for this device is still in a fluid state, as Mozilla has yet to settle on a name. The home screen, though, looks very similar to Chromecast's, almost simply substituting the word "Fling" for "Cast".
It's not yet clear what functionality, if any, that this device would have over Chromecast, aside from tab-casting through Firefox. But seeing that Mozilla seems to be building on Chromecast's existing infrastructure, we'd hope to see some interesting new features.
A release date is not set for this device at the moment, but rumors have been ramping up lately, starting with a leaked photo from Christian Heilmann on Twitter.