Breeze Light Edition is a multimedia environment that allows you to connect two streaming broadcasts and perform all the normal functions a TV or Radio producer is able to do. Basically, you can cut from one channel to another, create transitions, control the volume of the channels, record and replay broadcasts and capture images amongst other things.
From the options panel, you can configure the quality of the recordings, define the production values and change the different modes of visualisation as well as synchronise channels. This is a really useful tool for anyone that needs to analyse video footage such as those that work in security, sports or the arts. It's also a great tool for anyone that wants to create their own TV channel on something like Sopcast.
However, other than that, it's not much use for anything more than taking screenshots of your favourite videos.