From the website:

Broadcast your own live shows, just plug in your webcam and Start Broadcasting
Record and archive your shows,press record at any time during your show and it will automatically be stored in your show page.
Chat with your viewers, it is the perfect way to get live feedback during your shows.
Co-host live shows, split a show with a friend or invite an audience member to co-host with you.
Share you shows,send shows to friends, post shows to blogs, send email alerts and RSS feeds.
Manage your shows, organize your shows once they are recorded. You can change your show title, write a description, insert a logo/picture and add tags so everyone can find you.
Watch live shows, discover something new.