I see a lot of potential in streaming performance, so I want to comment badly, but I also have an understanding that streaming performance may not work well for me.
Disclaimer: my tastes are not visually driven.
Positively, streams (audio or audio+video) give the opportunity to create an instant intimate setting. If you're only looking at doing 20-60 minutes by yourself with a few friends/fans, why not open a skype session, google hangout, or stream some songs?
Streaming doesn't have to be performance or DJing. I've seen streams where it's basically "ask the celebrity" and the person talks about things, but like a blog, you have to be interesting enough to hold the audience. Anybody consider streaming "lessons" or "howtos?"
I don't completely agree with "do what would be interesting on television" because then all I would do is play football and race cars.
If you can't get a quality stream going or get an audience to show at a time that's good for you to broadcast (my reservation about the process,) you can still make an effort to make your other releases feel as live and intimate as possible. The scrolling text isn't just ripping off demoscene, it's banter with the viewing audience! The same is true about release notes and cover art.
I agree with the negatives stated, that if you're just going to spin a preprogrammed set without addressing your internet audience in any way, just share it on YouTube or SoundCloud. There is probably more success in that, in the longer term.
The notion of four nights in a row of streaming is neat, since it's something you can put on in the background throughout the day, but there must be a strong social-connecting aspect to keep people interested. It's the only thing I can say about something like that worldwide chip event, because it was held at the busiest possible time of year in my profession and therefore I couldn't watch any of it. Of course, if that's when the greater audience can watch, that's when it should be.