I ran across this last week and it took me until now to put my eyes back in thier sockets.
It's MariposaHD.tv, a free HD program. Four guys cashed out of the US, moved to Argentina, bought a few HD camcorders and a still camera, and have set up shop producing an all free, HD TV show. It's distributed as WMVHD in 1080i and 720p via BitTorrent.
I have lot's more to say about it here:
[Link: neothings.blogspot.com]or you can skip my blathering and go directly to it:
http://www.mariposahd.tv/They really make an impressive case towards free content, distributed via the net. Oh, an there are dozens of Arentinean models there too!