Here is a little story about it on one of our local news station here in Cleveland Ohio
Jaggerjack said a few things make the site stand out, like the fact that users can copyright their material. They can also charge people to view their content. Pheed, for example, lets people broadcast a live pay-per-view event, where the user can charge $1.99 to $34.99 per view. Pheed will split proceeds with users.
Live PPV seminars anyone?
Would you pay to watch a live seminar from your cell phone, ipad?
Sounds like a honey pot for IMer's