OK, I tried out the NRL Live App for live streaming of last night's game. Of course, they tried to delay it because I'm in QLD! Arseholes. But nice little app to fake my location worked well :-)
Stream wasn't full screen which disappointed me, and it was a bit jittery - low frame rate. Reasonably clear though and using my ADSL connection and WiFi from my phone it didn't get stuck at any stage.
I just tried watching the Highlights and 2nd half replay of the game, and they're full screen and much higher frame rate. So I'm assuming the live stream is compressed probably to ensure quick encoding/delivery and handle the load.
Overall though I probably won't retain the subscription beyond this month, and next will try Foxtel on Xbox for a month and see how it goes. I think it'll be a much nicer experience, but for 3.33 times the cost, it'd want to be :P