Jeremy has some interesting thoughts about the future of "Television 2.0" and BitTorrent
Reminds me of the guy from Australia. Hard drives are going to be able to store more and more content (and they are going to get smaller and smaller)
This stuff reminds me of all the Harvard Business Cases I read (ad nauseum) in grad school. Sea-change occurs in an industry. Current industry leaders are unable/unwilling to change, for fear of canabalizing existing products/channels. Companies unburdened by the suddenly "old" way of thinking move into the lead. Most of the new "dinosaurs" fade away and die.
In the end, that is how this one is going to go also. Time-shifted media will come to the fore. It is simply a more convenient mechanism for consumers.