I have been waiting forever for Internet TV but it still isn't quite there yet. Sure you can watch TV via the web now but the infrastructure is not there to support all of us watching web TV.
Just look at bandwidth limitations currently in place.... Even the high bandwidth providers limit bandwidth to around 60gb per month which is fine for most current users but if you are watching basic digital TV you are looking at approximately 600mb per hour of TV... Watching 2 hours per day on one TV will take up more than half your bandwidth... If you watch 4 hours you are going to be paying overage charges... If you have 2 TV's get ready to pay big time even if you watch the same shows. If you are like me and are on wireless highspeed you haven't got a hope... It costs a fortune for anything higher than 10gb per month on wireless. My house runs 3 TV's at least 4 hours per day so even with the best available options I would have to pay a lot for bandwidth. What if we talk about HD quality with 7.1 sound.... the bandwidth goes through the roof.
The infrastructure is not in place to support all of us getting on at 9pm to watch our favorite show. Just think of the bandwidth required for everyone to watch something like the Superboal in full HD? The entire system would collapse under the strain. We can't handle anything close to the required bandwidth yet but that is just a technical problem that will be resolved.
There is also the issues of content quality, availability and management. However, all the big players are setting up their own systems for content at a furious pace.
Whether we like it or not the web is merging all communication mediums. Soon we will laugh at the way people used phones and had to be home to watch a TV show. How did they do it... ;)
Just think, YouTube users are apparently posting 31 minutes of video to the web every minute... and that is just one video content system... Many more are coming soon. Question is do we want to watch it?