I think it has more to do with the distance it travels after it is encoded to the listening pc. Mine, when I have it up, has about a 5-10 second delay. But then again, I also stream video for mine.
So technically, it is live, but it isn't. If you consider a small 5 second delay live...then that is a big difference from a ballgame or awards show on tv with an hour delay....or 10 minute delay.