It's back with a significant update! I'm incredibly impressed.
There are some problems with particular stream sources, but I'm not sure the developer can overcome them. One of them is the NASA channel, which I can pick up fine in Safari at both their regular web page and their public education page at UStream. Due to how NASA uses Akamai, there is no longer any one consistent stream address for NASA. Even figuring out a temporary Akamai URL is difficult.
Meanwhile, the developer has vastly improved the number of available, working streams. I spent an hour updating my available channel list. I found the best strategy was to open up the Preferences/Live tab and go either down from the top of the list or up from the bottom of the list, activating channels one by one then testing them inside the stream screen. I did this with my VPN off, then with my VPN on. Many VPNs are able to use exit hubs within foreign countries. As one would expect, when using an exit hub within a particular country, many channels within that country become available.
CloudTV offers over 800 streams from around the planet. What you can access depends upon where you connect to the Internet. Between my local connection and my VPN connection, I have over 100 channels of interest available to me from the simple application interface. That's excellent.