These two very cool examples are what's possible with internet video and a good imagination (and/or good coding skills).

Live TV Channels

First up we have the very cool Google widget called "Live TV Channels" With this widget you can watch CNN, ESPN, and a lot of other live feeds, right on your Google Home page (http://www.google.com/ig).

Get the widget here: Live TV Channels

Next up there's http://www.justin.tv.

Follow Justin around 24/7 and watch him. Yes, watch him live (or actually, watch what HE's watching!)

This is amazing and his technology, while not what I'd want to wear to bed, is a very interesting proof of concept. You can actually interact and talk to Justin as he goes about his day.

Here is the actual feed: