I visited The Pulse Network and got a look at CC Chapman's live Digital Dads show.
Link to an archive of this episode:
www.digitaldads.com/2010/08/katy-perry-gets-hot-sugarbabe...
The Pulse Network has a great setup.
Here's the producer using a Tricaster to bring in other content including twitter feedback and live Skype calls.
Here's one of the Social Media Stations for interaction with viewers in real-time with selected twitter posts sent to the producer to put on air.
If you were to build an interactive TV show on the web, what would it look like?