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The video above shows a demo of a new product called Livestation, a peer-to-peer live television broadcasting application built on the Microsoft Silverlight platform. This is a Microsoft Research initiative, built in partnership with a London company called Skinkers.

In the demo, the presenter calls this a “Slingbox without the box,” and it is an apt comparison. However, the solution will require the broadcaster to work with Livestation, whereas the Slingbox allows users to broadcast their normal TV to IP connected devices.

In its current form, this is not a competitor to Joost, Babelgum and the other time-shifted TVIP startups we’ve covered. The service shows live television only, although presumably it could also be used to stream time-shifted content as well. And while it is certainly an excellent demonstration of the flexibility of Silverlight, its not even close to being productized and launched. For now, consider it little more than a pretty video.

If you’re looking for a deployed “Slingbox without the box” check out Orb, which we’ve covered here and on MobileCrunch. Or go buy a Slingbox.