Wow. I think that was real. But if it is, I have two problems with it...
1. Is this going to be it's own separate app? Or is it part of the iTunes Mobile Music Store? It doesn't look like it's part of the music store.
2. Who is really going to download a TV show or movie on their phone? I have know doubt that if this feature is in the 3.0 software you will only be able to download over WiFi. And it'd take hours to download a movie. If this streams the video to your phone over WiFi and the cellular network, then I'd be fine. But if not, this feature is kind of useless.