Those crazy cats at Aardman and Lupus films have pulled it off!
4mations.tv, the new home of all kinds of animation talent online (backed by Channel 4) is live and there's already an entertaining and ecletic bunch of films and games on there to enjoy. It's still in beta, so be gentle with them - but looking pretty fine already.
What does it say about me that the first three categories of films I looked for were Comedy, Adult then Sick and Twisted? Probably that I'm terrribly average.
The logophile in me likes this one best so far.