Yeah to be honest I think it may be channels that are streamed to the PC, although I don't believe PC's can play it without problems yet, because of bandwidth, Not really much different to downloading DVD's to watch a film, although I don't believe it is quite perfected yet.
You may have a 1 MB adsl line although the weakest link, will be the internet infrastructure i guess.
Some forums call it a scam, I would probably wait a while for some positive feed back online. The googlebox software is also available at
www.tucows.com for 14$ although there are no reviews listed yet.
But it's a little like windows media player, and the feed is distributed through the net, I gues it will work, although quality may be pretty poor just now, not worth buying until you get plenty of feed back, a few feed back is so unreliable, because the founders, will have all their mates and friends, writing good feed back. I would wait.
Just looked at the other link, don't bother signing up, just read the FAQ here, My first impression is the poor descriptive language used and second, the speeds and where they say they are dependant on the internet to consumer connection. Which means in my book, the infrastucture of the internet cannot cope yet, for TV streamlining, there are far to many problems, that is also why Skype and Messenger live still have problems.
The technology is available but it needs everyone on the infrastructure delivery system of the internet to upgrade, and that takes years. The other drawback, it's only for UK residents in UK, so it's a scam!! OK I am being sarcastic, cowboys at work, rogue traders.
http://www.thetelly.net/faq.cfm?cat_id=21