Details from the Venice Project started to emerge in the last couple of days as the closed beta test is underway.

The Venice Project is the latest start-up of Niklas Zennstrom and Janus Friis who did Kazaa and Skype. If I would be them, i would just lean back on my own island and occasionally have a drink at Flavio Briatore's Billionaire Club or buy some art. But no, they try to disrupt the TV industry with some cool P2P video action.

The Venice Project video service needs a client to stream video from a selection of channels. The success is dependent of the amount and the quality of content.
The screen shots show a very cool and modern user interface with overlays and transparency effect. From the first reports, it is hard to tell if this is going to be as disruptive as Skype.
More details and screen shots on GigaOM, WebTVWire and the Venice Project site. Via Digg.