I'm a big badminton fan which unfortunately is not that big here in N. America in terms of the television networks willingness to show major badminton tournaments. Currently, the Sudirman Cup is being contested (every two years) in Beijing, China. The Sudirman event is a mixed team event where countries field teams of men/women singles and doubles plus one mixed team (5 events in total) and best of 5 events win the showdown. Also, the format includes dividing the various countries into groups based on their level with Group 1 (consisting of the elite countries) being able to win the coverted trophy (other groups can advance up to the next level group).
Obviously, there are no network in N. America carrying the event although it is being carried live in China, Malaysia, Indonesia, Singapore, England, Denmark (just to name a few). So, what is a poor fellow in N. America (or anywhere else where there is no coverage) to do? Solution is Coolstreaming which allows you to watch over the internet. Coolstreaming is like Bit Torrent which means that the more people who use Coolstreaming to watch the same show, the faster (better) the video speed and quality. For example, I can click on CCTV5 (the China TV station carrying the event) and use Coolstreaming to watch the channel live (although the time is not that great - 4am PST). Obviously the technology is not quite all there yet as there are times when the video streaming is lagging with gaps but overall, it's not too bad.
With this technology, what are the limitations? The first and obvious one is the ability of the various television networks to televise their shows around the world (at least for folks with acceptable bandwidth).