Seems like we've been talking a lot about on-demand, and IPTV to the desktop, but not too much about IPTV to the TV.  SBC says they're planning to roll out an IPTV service in January, with limited release.  A more broad release should happen in mid-2006, with full deployment in 2007.  "Project Lightspeed" delivers IPTV through either Fiber-to-the-home(FTTH) or Fiber-to-the-node, with copper wires traversing the last bit to the home.
If IPTV and content on the web aren't the phrases of 2006, I've got another one: market fragmentation. 
Ultimately, for everyday content producers, this could be a good thing.  They've got integration with Yahoo! and Cingular.  They give an example of taking a photo on your Cingular phone, uploading it to Yahoo! and then getting it on your TV with Project Lightspeed.  If you could do that, creating an Internet-based TV channel wouldn't be too difficult.  Yahoo! has Launch, and maybe they'll buy another Flickr-style service for video.  If that happens, it's possible we'd see an independent TV channel, ala Blip.TV or Veoh.