Tom Evslin points out that the bandwidth crunch isn’t necessarily in the last-mile to our houses:

But wait, you say, my Internet connection already comes into my house on my cable.  And so do all 200 channels.  So I’ve already got enough bandwidth.  You’re right; you do.  It just has to be rearranged a little.  And remember, you’re not even gonna need to bring in 200 channels at once, just the ones you’re actually watching. Maybe you should get a rebate.

His argument is that the real network crunch is further up the chain, back at the telecom end.