The short answer: Maybe.
In Canada, thanks to its easy set up, near idiot-proof control scheme and massive library of music, television and film content available for purchase and rental, the Apple TV is at the top of the streaming media set-top box dog pile and likely will remain there for some time.
That said, new options are always a welcome commodity.
While the Google Chromecast requires a connection to a computer, smartphone or tablet to operate, its sub-$40 price tag could make it a popular choice for folks who simply want to watch Netflix from time to time, listen to Rdio on their home theatre system's speakers, or who already have a massive non DRM-protected video library to stream. That Google Music recently made its way to Canada makes the device even more enticing.
You can read my review of the hardware here.