http://www.mobilecrunch.com/2009/06/10/another-move-towards-mobile-tv-flo-tv-goes-national/
I got to see the central control center of Flo TV in a tour during my orientation. They are able to stream 20 TV channels right now that are virtually live (only about a 9 second delay in order to process). They are capable of inserting ads, or keeping the stream as is. They can also extend their lineup during live sporting events as they did for the NCAA tournament, and they are buying another range of frequencies so that they can increase the number of channels. The quality is surprisingly good too.
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