Movies are available as 30-day rentals, priced at $3.99 for new releases and $2.99 for older ones. The TV shows and music videos are sold on a pay-to-own basis and will be priced at $1.99 each.
All content is spread through the BitTorrent network. Currently they already have a bunch of interesting movies from Paramount, 20th Century Fox, Warner Bros, Lions Gate Films, MGM and other movie studios.
BitTorrent's download site also has a bunch of good TV series available, such as 24, Prison Break, Firefly, South Park, Jackass and others.
The games in the games section are all available for free, but most of them are pretty old. But there are definitely a bunch of good games available for free, all legal. Here's a short list: