the Olympics On The Go was to the Beijing Olympics.
The channel goes live now, and gives men's college basketball coverage by providing 1-2 minute highlights of every game, post game interviews, buzzer beaters (the last 2-10 minutes in a very tight game), and full games in "condensed" form. The condensed form means you won't see time-outs and half-time, but you will see all of the standard play. It's free for Windows Vista media centre users, which is kind of a fantastic deal if you're a sports fan.
Microsoft plans to add more content in a similar vein (more sports, possibly TV and movie content) in the future, but they can't give any details.
AU: Don't hold your breath, Australia.