I did a quick test setup and have Lords of Thunder looping in realtime on my stream now.....I think it looks pretty good:
http://www.twitch.tv/pcenginefxNot sure what I'd use it for though. If anything I'd setup some kind of pre-recorded programming (like a TV network) and stream it but again, be a ton of work and not sure if the value is there vs. just providing it on YouTube.