This is the company/person that Cringely's article is about.

Basically, they're talking about taking YouTube peer-to-peer and monetizing it.

Neokast is a live video streaming platform for video distribution over the Internet. The video files available through Neokast are both user-generated and solicited from professional film makers by Neokast Productions LLC. Users can upload live video streams from any video capture device, and they can also upload prerecorded (archived) video content from their computer. Content publishers can choose to make their content available on their own website, on the Neokast website, or both. Live video streams and archived videos can be viewed as they are uploaded, in real-time, by any number of viewers through any normal DSL or cable Internet connection. Content publishers have the option of offering their content as free live streams, free archived streams, On-Demand, and Pay-Per-View. Users have the option to charge admission to their content and to participate in the sharing of advertising revenue generated by their content. There is no limit to the video length. The videos can be viewed in HD quality, depending on the capabilities of the content publisher and viewer. Due to advanced streaming protocols within the Neokast technology, the cost of providing the Neokast service is far lower than any other video distribution service in existence.

Cringely's hype makes for strong contrast with Bruce Sterling's Rant at SXSW.

By expanding its scope and enhancing its capabilities, Neokast’s patent pending technology has the potential to revolutionize the market in global communications. As the world moves further towards globalization, it has become increasingly desirable from a social, political, and economical standpoint that the ability to transmit and receive information is not bounded by region, and that it does not belong solely to media conglomerates and political networks. With Neokast providing the ability to stream events in real time, anyone can be a field reporter, every band can reach a global audience, every sporting event can be viewed from anywhere in the world, and everyone can have a forum in which to be heard. But the possibilities do not end there. With the expansion of Wi-Fi networks, the growing availability of high-speed internet access, and the integration of computers with television, Neokast offers viewers a portal through which they can continuously view the most interesting and significant world events.

In retrospect it was so obvious -- !! -- that the worldwide shortage of field reporters was due to the lack of a viable P2P video distribution system. Why didn't someone fix this before now?

On Cringely's blog, the CEO responds to critics, talking about the illegality of rival services. Well, then, who is he kidding about "every sporting event can be viewed from anywhere in the world"? For most professional events, video distribution rights are exclusively negotiated and highly valued. This doesn't add up.