It says it's launching in the next few days. It also says:
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If you're a Sky digital customer with Sky Movies 1 & 2 you can enjoy Sky Movies on Sky by broadband at NO EXTRA COST, and if you subscribe to Sky Sports 1 & 2 you can catch Sky Sports on Sky by broadband at NO EXTRA COST.
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And some key points from the FAQ's....
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Sky by broadband uses secure peer-to-peer (P2P) technology, powered by Kontiki, to distribute Sky Movies and Sky Sports videos via the Internet. Once a movie or sports video has been downloaded, Microsoft Digital Rights Management (DRM) software will prevent unauthorised viewing and will automatically delete the movie or sports video from your PC once your license to view it expires.
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Videos are encoded at a variable bit rate of 860 kbps, and resolution of 540x432.
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It doesn't mention if you can sign up if you don't take the Sports or Movies but have the rest of the channels.