I'm not sure, but I think something about large scale crowd dynamics could be gleaned from it. Crowd-controlled games have been done before, but having it on the internet makes it more interesting. In addition to having many more people, the internet has the problem of trolls.
I'd be really interested in seeing how gameplay would work with different systems of organization. For example, the users could randomly be assigned to a group upon entering the stream, with each group being assigned to control a button. The users of the group could then vote constantly as to whether the button should be pressed or not. That may sound like a silly example, but I'm sure others could come up with more interesting and creative systems.