Dreams of television over IP

There's an interesting post at The New Normal about the dreams of television over IP, how the traditional broadcast model is impractical within the constraints of today's networks and how this shouldn't prevent innovative non-realtime distribution models from taking root now (read the comments too, they're as stimulating as the post).

Some of these models already exist today, albeit in a form not particularly pleasing to most copyright holders. Their presence, however, is satisfying a demand which isn't being met by traditional content producers who, for the most part, still live in a world delimited by geographical and financial boundaries (in other words: we want it now, they want control).

The post points out that storage and processing power also exist at the edges of the network, which brings me to an aspect of IPTV that is rarely brought up: content also lives there.
The explosion of weblogs is proof enough; people have things to say. Why limit television to the star-shaped one-to-many archetype? Let the users be their own TV channel, their own video-on-demand, even their own pay-per-view. Video blogging is but a hint of what's possible.