Convergence has been a buzz word since I started in the net business... a long freaking time ago.
All of the predictions that the internet is going to revolutionize TV make one single, huge, and somewhat overwhelming mistake:
You can't reach the masses if you expect them to pay for every TV show, and without masses, you can't make TV shows that cost millions of dollars a week to produce.
The InternetTV model basically means no more Grey's Anatomy, no more CSI, no more Law and Order... instead replaced with variations of
http://www.newsforblondes.com and Youtube.
The glroy of mass broadcast media is it's ability to reach EVERYONE, all of the time, for very little net cost to the consumer. The more the consumer pays for the right to watch your shows, the less advertising the consumer will tolerate overall. Broadcast means that people can go to WalMart and buy a $39 TV right now and watch CSI tonight. That is a huge hump for IPTV or any other product to overcome.
There are things that the internet just isn't as good at. The internet does long tail stuff great... back catalog stuff. But the costs involved in producing modern day TV just don't permit the networks to move to a pay per view model to make it work. If they thought they could have, they would have joined HBO a long, long time ago collecting monthly fees.
You can't take the mass out of mass media.