I went there, clicked the sci-fi channel, and was watching a 50's B-movie in seconds.
But it isn't perfect. First, who wants to watch TV on their computer? I suppose if the quality eventually gets good enough we could use channelchooser as a sort of virtual Tivo and start recording shows, and then playing them on our TV... but that seems to be a distant dream. Then, there is the selection. At first blush, it looks pretty good, with 70 channels to choose from. But look further. Where is ABC, CBS, TNT, HGTV, MTV??? They aren't there.
So what does the crystal ball say? Channel Chooser is interesting, but at present limited to a relatively small audience. Get more channels, get high quality video and get plugins to work with Tivo, and then we have something.
Channel Chooser - http://www.channelchooser.com - site info