As we speak, the Foo Fighters are playing a live show on Facebook, live from their own Studio 606, for their fans on the site. The concert is utilizing the same live-stream module we have seen in used in a variety of situations in the past, including CNN's live stream of Barack Obama's inauguration. This is combined with a live video module from Livestream to complete the experience.
This is a really cool thing for the band to do for its fans and something I hope we see more of in the future. As the Foo Fighters play, they are keeping an eye on the stream of status updates coming in, sometimes responding to comments and taking song requests.
There is an undeniable trend of live events moving online. The potential audience that can be reached is fairly significant and the costs are low. As shown by the Foo Fighters, a band can just broadcast a live show for their fans, from their own studio. The social element of Facebook, combined with this event, only enhances the experience.