This is pretty significant. It's the first indication I've seen that Apple has enough confidence in its technical prowess to reliably stream live footage to Apple TV and charge for it.
Add scalable bandwidth (NC server farm), a gigantic installed base (every Apple TV, iPhone 4, iPad, iTunes on computers, etc.), and content agreements (which won't be easy), and live streaming is a potential game-changer for Apple as a content provider.
If Apple offered a TV package that included a critical mass of shows, live news, live sports and special events like award shows with comparable pricing to my cable plan, I would probably do it.