The IP Box from Honest Technology has two practical functions. One of these is place-shifting, sending the TV channels you have at home through your broadband connection to your remote device. You can keep an eye on CNN with your laptop or PDA while you're out in the world, wheeling and dealing. The video is compressed with the MPEG-4, but it still means you need to have a fat enough pipe to provide the uploading. For best results, turn off your bittorrent client.
The second use is to connect a compatible camera to the device, which will then stream home security video to you over the IP network. It's similar to how the TV channels get streamed, but instead of watching Oprah, you're watching an old, overweight babysitter you hired because your wife made you get rid of Sarah, the previous college-aged one. So, pretty much the same thing really, except less new car winning and more spanking.