Sounds like it wants to be an open-source public-spirited distributed YouTube on steroids.
Joho the Blog: Podcorps Nation The Conversations Network (a non-profit from the same folks who bring you IT Conversations) has just launched Podcorps, an all-volunteer team of “stringers” who will record the audio and sometimes the video of public events that matter to people.
Once you register, you can search for events near you that you can sign up to record. Or, if you know of an event you'd like covered, go stick it into the calendar. (The FAQ says that some stringers may want some help covering expenses, but this is intended to be an entirely non-profit enterprise.) The stringers can then publish the media where they want, although Podcorps expects most will post them at OurMedia.org and the Internet Archive where they are freely available to anyone.