It is already proven possible. It will change television.
Among many things television is media distribution and choice. Distribution is today mostly done in exclusive media parallel to all other distribution channels. Choice is done by the television companies by what they believe is best for them.
The distribution model is inefficient. It is with sad eyes that I see that some is pushing for upgrading and maintaining this model.
Instead of using proprietary exclusive networks it is possible to use IP technology. IPv4 with extensions or IPv6 to get quality of service but in shared media. The advantage of this is spreading cost and risk away from the television companies. This is important as I believe that the current television model will get financial problems at the end of the decade.
Unfortunately some television companies seems to believe that they can get people to choose their proprietary television instead of Internet. All I can say is good luck. People wants Internet and as distribution of streaming media works just better and better on IP, why pay double? People will get their television programs on the TV but there is no need to pay for extra parallel communication links. We do not (usually not) see parallel streets built next to each other by competing companies that tries to get people drive on their street by having entertainment underway. People do not car about the street. People do not care about the cable, radio, telephone wire and so on. They want the service. They want to get from A to B on any street good enough and they want their telephone, television and Internet access. My guess is that one of the mediums will swallow the other services. My bet is on the Internet as a better transport medium for sound and pictures than making another proprietary protocol similar to IP for transporting Internet over the other mediums.
Programs is bundled together into channels. You watch a preselected collection of programs put together to match what most viewers will find entertaining.
The reason for this is technology by the time the model were created. Television shows is still mostly transferred from one television network or producer to the local television network and scheduled for a time to be aired. This is because the Internet of today without extensions and not IPv6 in all the path elements from sender to receiver. Which means that transfer is not reliable enough with the lack of quality of service.
This quality of service is on its way with IPv6. Most of the backbone of the Internet is already IPv6. If the same amount of money were put into upgrading to IPv6 as is put into upgrading the proprietary distribution channels of todays television then everybody would benefit. Perhaps television companies the most.
A standard ADSL uplink of today have about 384 Kbit/s. Streaming DivX at 533 Kbit/s gives good pictures. There will not before long a standard uplink will handle 533 Kbit/s easily. Products like Bittorrent and others prove that distribution from one host to many can be done by using the upload ability of the ones who download. This gives that distribution from on PC at somebody's home can be used to stream good picture quality to a lot of receivers.
The program magazine for when each show is sent is just so much better handled on the Internet. And it is in many cases. Think about getting this integrated with showing the programs. People will want that.
The masses will always get what the masses want. The change is that the more specialized shows were the viewers have lower density geographically can really start working out. This is good and bad. Some television series have had problems reaching all the potential viewers, this will help them. The problem is that it is possible for virtually any kind of show to be distributed. This include shows with criminal themes.