Hear about this damn sweet multicast technology? It's like watching a live feed from a game, only it's rendered real time using the HL engine, meaning you control the perspective, etc. Stomped has slapped up a new fangled interview on the subject, and it covers some CS jazz:
Check it out.Stomped: Once the spectator tech leaves beta, how does Valve plan to distribute it?
Johnson: This will be rolled into the next Half-Life/Counter-Strike update, so it will be available to all of our customers. We will also be distributing a stand-alone version of the client.