Is IPTV a waste of Internet bandwidth?

Is IPTV a waste of Internet bandwidth?
Yes, AND IT MATTERS:
1) If you need high bandwidth then it will be available only to the lucky few who can afford it.
2) Who is going to pay for it?
3) Seen as traditional TV it has no value as an expensive copy. I have enough of my son in law at Christmas, why should I have the chance to see him again at Easter, Summer Holydays and so on...?
4) Seen as a new way of broadcasting IS NOT a waste of bandwidth.

The Internet will allow a new kind of TV:

1) Local storage and replay (a la Napster) is likely to dominate.
2) Streaming real time multimedia will be a minor factor.
3) Internet delivery is likely to facilitate evolution of TV (HDTV, interactive TV, ...)