I just read about it this morning on Boing Boing. It's amazing and does so much smart stuff and blends so many useful technologies it really is a big idea.
1. RSS of Video
2. BitTorrent for legal distribution of video
3. The ability to play any video format
4. On demand video without having to use iTunes or TiVo
5. A video publishing tool
6. A social networking tool
This thing is still just starting out but I think it could be big and it could be useful. I'm sure there is going to be a lot of crappy 'TV' shows made and distributed using this software but there is no reason to think that some really good TV shows can't also be made a distributed using this software as well. If the idea of the long tail is real and profitable Democracy TV might very well be the software used to help spread long tail video.