I think more interactivity would help. Viewers could have more influence on lifecasters.
Besides being used to broadcast your life this could be used with some development for video conferencing or group video chat. Video Skype through a browser.
I embedded my friends Ustream video into my JTV channel and we were able to have a conversation, albeit an extremely delayed one.
Congrats on the article Justin!
Im a web/graphic designer, eager to learn some coding skills and now coding humor too :)