I've mentioned peer-to-peer TV in China, several times in the past, but I've never pursued the subject in detail, as I don't speak Chinese and I don't watch much TV anyway. However, I was interested in The Venice Project as it's was started by the same team that brought us Kazaa and Skype, i.e. Niklas Zennstrom and Janus Friis.
Last week I got an invitation for the beta courtesy of James Enck (Thank you!). The initial installation failed, but after a brief exchange with the project team, I was able to get up and running this weekend. On my Verizon Fios connection (currently ~15 Mbps / ~2 Mbps) audio was perfect and the video was very good but occasionally had brief pauses. I did a brief test at NMS HQ (6 Mbps / 6 Mbps) this morning between 7:30am & 7:50am. Everything seemed to work very well until I stopped being able to connect to new channels at all. I haven't pursue it further as I have some real work to do. :-)
Most likely it will be next weekend before I have time to make actual measurements, on bandwidth consumption, etc. But meanwhile, if you are interested, I just got two invitations to participate in the beta which I'd be happy to give to the first interested parties who contact me.