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It came up very quickly for me but hit constant rebuffering pauses whilst playing. It was a tough test though since I was streaming NASA TV using WMP at the same time (that didn't skip a beat though). I have a relatively slow connection: its an SDSL which usually clocks around 624kbps, but it is uncontended, so it really runs at that speed.
Have you tried ustream? It's really set up for live feeds but it may well also do what you want. Since one of the input options is DVCam, the quality should be good enough.
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