Seems pretty sweet. But it looks like it's in Italian. Not sure how legal it is as most TV programs are copyrighted... however since it's in Italian, I can't really say as I don't even know what's what :o
There is a new protocol called sopcasting which is in development. Some versions of the software has been released. It uses Bittorrent protocol for streaming TV feeds. The advantage is since it is based on BT protocol, the bandwidth load is shared among users and not just a single server. In this way, the broadcast is jerk-free.
You can download Sopcast @ http://www.sopcast.org/