As shown by this recent MSDN Channel 9 video; and other tools such as Yahoo! Live and UStream, creating your own Micro TV station is simple.
In studio audiences, once a bastion of good TV is now possible with these systems too: I do enjoy being a noisy in-studio crowd with the 2webcrew create their podcasts. Comments fly in an open backchannel that directs the on-air talent into interesting conversations.