Revision3 launched their new website tonight. Or relaunched I should say. Revision3 is an IPTV or vidcast network created buy digg.com co-founders Kevin Rose and Jay Adelson. The site has actually been around for quite some time, but has finally crossed over from the amateur ranks to become a full fledged corporate conglomerate. That may be overstating it a bit, but they are a legitimate business now.

They’re even throwing a party tonight to commemorate this exciting event. I’ll be there in spirit only.

So what’s the big deal about IPTV? Well, similar to how downloadable movies will be the eventual death of video stores (and perhaps even the dvd), IPTV could put the final nail in the coffin of broadcast television. A little extreme you say? I think not! True, broadcast television will always be around, but it will be more comparable to what A.M. radio is today. This summer, broadcast television reached it’s all time lowest viewership in recorded history. This is because more and more people are finding their entertainment on the internet. Whether it be from video sites like YouTube or podcasting networks like TWiT.tv or in persistent online gaming worlds such as World of Warcraft. The latter boasts an impressive 6 million subscribers ranging from middle school kids to business executives.

IPTV isn’t quite ready for the mainstream yet. There is still one missing piece of the puzzle. For the masses to except this new technology, there will have to be an easy way to get the videos from your computer to your TV. This is where Apple comes in. In 2007, they are set to launch a little piece of hardware called the iTV. It’s a wireless box that sits on top of your television and streams video from your computer to your TV with the push of a button.

Like digg.com, Rev3′s current line-up is targeted at the geekculture elite and the techno savvy. They do hope to expand their reach to other target audiences in the future with new vidcasts. Until then, I’m more than happy watching shows like diggnation, systm, and geekdrome. You can subscribe to all of their vidcasts using iTunes or download them directly to your computer from their site at revision3.com.

In case you’ve never seen an episode of diggnation, here is a little clip of their most popular show on the Rev3 network. The show is a weekly vidcast highlighting the top stories on digg.com for that given week.