IGMP
You're thinking of this too much like a CATV network, rather than what it is, video over IP using ADSL as a low level transport stream. What's a webcast / multicast if it isn't accessing a broadcast on demand? Multiple streams may also be possible, depending on bandwidth and encoding requirements. Currently it's not possible to record a cable channel and watch another due to tuner restrictions, no great change here.
So long as the line can take the bandwidth for one stream all channels delivered to the exchange / DSLAM can be provided on demand on a per port basis, in contrast to VoD where an individual transport stream will be supplied.
For the interested, I'm not giving away anything interesting, this is the only way this sytem could work, and is how
HomeChoice manage to offer VoD and 'broadcast' TV over their network.