There has recently been some buzz in the websphere about 'The Venice Project'. The project is about distributing TV and other video content over the Internet using P2P technology. It consumes about 250MB per hour, and is suppose to provide standard TV resolution.
Here is an excerpt from there site: "We're working on a project that combines the best things about television with the social power of the internet - a project that gives viewers, advertisers and content owners more choice, control and creativity than ever before." Read the home page of the site for a little more information.