We've heard of real-time video, but this is really taking it to another level. Yahoo Live! might just be onto something here. In many ways, it combines all the elements of Web 2.0 PLUS being live. Think about it - you get to social network with friends (or at least users you permit to see you), you customize your own content, and it's dynamic with its imbedding and mashup capabilities with API coding. Watch New York City from sunrise to sunset -- 24/7.
Y! Live is a community of broadcasters. It’s a place to socialize around live video content through broadcasting, viewing, and embedding. These guidelines are a structure for maintaining the creative environment and positive community vibe of Y! Live.
Let's put aside the privacy issues for a moment. And think of all the marketing possibilities this offers. It's like . . . Facebook with real faces :)