Here's how I see it.
One of the biggest problem with CIS hockey is how it's hard to get information and stories about it. It's really tough to know what happens to your team when they're on the road, or even, in many markets, for home games that you can't attend.
Webstreams have solved, in some ways, that problem. They're not always great, but they do the job. Can't go to a game ? Watch it online and you may want to go to tomorrows... Remember how the Blackhawks didn't draw when they weren't on television because nobody except hardcore fans knew about the product?
I don't think webstreams should be used as a way to make money off subscribers. It won't work, except maybe at 2-3 schools. Some teams can't even draw fans to their games, how could they even think about selling the stream ?
Webcasts should be used to sell the sport. Use the videos to make highlights reels and archives. Put them on the team website, add a coach interview and you've got a good selling package. It can also help recuiting if used properly. I've been told by a Q player that he was listening to the UQTR games over the internet, which made him choose the school because he knew more about it that way.
And also, sell the freaking thing to sponsors. That way, you'll be able to recoup some of the costs linked to the broadcast and losing some spectators, but also get some more ties with the business community.