It's a desktop application (a web player with fewer features is also available) that is running 4 streams of commercial free news events. There are 4 moving thumbnails at the bottom to show you what's on the other streams.
Currently they are showing:
Katrina hearing on Capital Hill
Europe hearing on CIA prisons
Scott McClellan's daily White House press briefing
House debate on Patriot Act
As I was typing this the 2nd and 3rd one ended and they brought in raw feeds coverage of a bus accident in LA. It's like raw feeds on a big backyard dish. None of the stuff running live in the player stuff has been running on CNN (they are currently running their afternoon "International" segment).
They also have a large archive on demand in addition to the live stuff. You can have an icon in the taskbar that lets you know when there is breaking news or live events starting (you can choose either, both or no alerts). Definitely a news junky's new best friend
It's $2.95/month, I went for the annual sub ($24.95) but either way you can try it free for 14 days.