WebOS suffered one of the most spectacular collapses in the software industry, despite HP dragging it along for a while, but that doesn't mean the OS is beyond recovery. LG doesn't think so at least.
Since Google TV proved to be such a bust (consumers just didn't buy it much), LG is looking for an alternative, or so they say.
Gram (basically the reincarnation of Palm, the company that created webOS and sold phones running it for some time) is developing a new smart TV in collaboration with LG.
The Open webOS (the OS entered the open source collection this fall) is being rebuilt to suit TV needs.
It will take some time for actual Smart TVs to appear, since webOS is quite behind Android here, and apps like Netflix, YouTube, and Pandora need to be reinvented for the Enyo framework.
Open webOS TVs should still be ready for CES 2013 though (Consumer Electronics Show).