Via Dan Misener (and you really should read his entire post on the subject but...) Democracy is basically a combination RSS Aggregator, Bittorent client and video player - which means basically a combination of iTunes and file sharing software. It means that any program that is out there on the internet (legally or not) you can watch, download or subscribe to. In terms of traditional TV - picture a PVR combined with video on demand all built into the set. This is the television of the future and it is here (in a crude form) now.
What it means in the short term is that everything is online - every show, every movie (even the ones still in theatres) along with all the personal video blogs (vlogs) and independent stuff and all have equal footing. This is either a great and wonderful thing (if you're a viewer/consumer or independent content producer) or a really horrible terrible thing (if you're a network and don't want to adapt.)
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