The widget basically opens the mobile version of the iPlayer website. Popular content is there on the home page or you can browse through category or channel. Content for the last 7 days is available for viewing. Since viewing the shows is realtime it requires a strong WiFi connection or 3G.
The sad part is the content on iPlayer is available only in UK. Though I in India can see the content available but when I try to view or download the content an error is returned. I hope BBC will provide access to users outside of UK soon.
Another screenshot of the Live TV screen on E71.