barge, re: STM - thanks for the link.
I think that the solution for IPTV and Pay TV goes beyond the TPM, but there will still be a critical need for authentication that TPM's can fulfill. I have a contact with Cloakware (new to me), who are working on software security stuff for the set-top boxes being developed for IPTV at one of the service providers working with Microsoft, will try to get more insights.
I hoped that the IPTV solution would be already beyond this, but it appears not yet. And Microsoft is hard to budge at the earliest stages of development.
cliff