So I downloaded the client and am currently listening to some japanese radio station.
Unfortunately this technology will probably end up being abandoned once the record labels find out about it. They'll do their best to sue everybody out of business. Course it's an open source project so it can't really die... I'm interested in watching this one play out.
The problem with broadcasting of any kind is that you're always beholden to the copyright owners. And since most people want to listen to music owned by the record labels, they have to play by the labels rules.
Bittorrent and Peercasting are great pieces of technology for the system though, because they solve even more of the technical hurtles involved in distributing large (although they get relatively smaller every day) media files. And since we are creating a business model independent from distribution restrictions, we want to encourage this kind of development.
It's all about the artists though... enough artists have to be convinced to see the value of this kind of business model for it to take off.