Overshoot TV is innovative because we approach video/documentary making in the same way as we would an Open Source software project: we have a wiki, we have a bug tracker, we have releases with a version number, etc. The video is itself a wiki in the way that we'll encourage people to make available all the building blocks of their videos: the sound track, the images used, the files created by their (graphic/video/audio) editing software, etc.
Thus any video can be improved on by anybody (just like any wikipedia article). At least as importantly, any video can be adapted to different needs (e.g. a different public, different focus of the topic).
The Free Open Source Software world has produced numerous top-class software applications (e.g. Apache, GNU/Linux, Firefox, MySQL, KDE, etc, etc.).
But grassroots activists have not yet produced many noticeable high-quality, feature-length documentaries. Still, we have all the building blocks we need: the experience with the wikis (e.g. wikipedia), the license (CC), suitably licensed basic material, freely available video editing software, the internet bandwidth, etc.
Overshoot TV was the next logical step in collaborative production, doing with videos what has already been successfully been done with software.