What I don't understand is, almost all of my local TV (and radio!) stations simulcast online already. Why would Barry Diller's Aereo (which I keep wanting to read as Phyllis Diller's areolas) be attractive to someone with an iPad, where's the value-added?*
As to ownership, case law has consistently held that anything released free-of-charge to the greater world is no longer yours -- the FBI can raid your trash if it's on the street, trademarks must be protected from common use, celebrities cannot prevent theur likenesses being published (as long as the accompanying stories aren't slanderous).
* - I guess this is just another case of a smart businessman figuring out how to sell something people can get for free, like bottled water (costs more than gasoline).