I am currently working on a web radio project “Live Show Street” which is developing by a group of BScCM students. It is basically a virtual world where people can be web-Js, real-time broadcast to the public. It is built on Flash.
One of the most challenging part is the bandwidth problem since the system requires a lot of real-time audio, video transfers. So what I think of is using a P2P method to distribute the contents. I don’t know if it is supported in Flash but I’ve heard that there were websites using P2P to load videos on web pages. And tonight I’ve just done a quick search and with surprise P2P will really be supported in the coming Flash Player 10!
Here is my source: http://justin.everett-church.com/index.php/2008/05/23/astrop2p/
Hope FMS will support it soon.