After working for Bittorrent (I recently left for job that fit me a little better) on the Live team for almost two years (more so on all the software supporting the actual core protocol itself which Bram himself works on mostly..) it is awesome to see Live finally being released to the public. I cannot wait to see how the public will use it (I am sure anyone with an imagination can think of a thousand ways a P2P Live streaming protocol could be useful and powerful..). It will be interesting to see how usable people find it and if they end up adopting it or sticking with the current RTMP server client style architecture.
One thing I always found interesting while working on Live is that although in some ways it really seems like Live Video streaming is more or less an undeveloped field there is actually already a super successful P2P live video streaming implementation called PPLive that is BIG in China ( http://en.wikipedia.org/wiki/PPLive ).
Another interesting thing to check out if this Live Video streaming stuff interests you is that some guys proposed a Live Video streaming protocol VERY similar to Live's sometime recently:
http://tools.ietf.org/html/draft-ietf-ppsp-peer-protocol-02
Just compare the BitTorrent Live Protocol and this proposal..
One interesting thing that Brams implementation does is actually speed up and slow down the playback of traffic depending on the latency and whether or not Live figures you need to buffer more or can afford to have less of a delay/buffer. Talk to Bram and you'll quickly figure out he is obsessed with low latency..
This ends up being funny in implementation too, as you will notice when watching a stream that the playback will speed and slowdown while you watch it...
This is detailed in the patent but I did not see anything similar in the ppsp protocol..