They are certainly not the first to launch an internet TV platform but they certainly seem to be one of the most well thought out:

Announcing a new platform for internet television and video. Anyone can broadcast full-screen video to thousands of people at virtually no cost, using BitTorrent technology. Viewers get intuitive, elegant software to subscribe to channels, watch video, and organize their video library. The project is non-profit, open source, and built on open standards. Today we’re announcing the project and releasing our current sourcecode. The software is launching in June.