So is this in the same category as Squid/Varnish/etc? What makes it stand out from the rest? I'd love to see/hear more about it, but the video, article and README aren't very verbose. I'm just too lazy to start reading the source for this, and would love a high level overview ;)
I've done some limited evaluation of TS. Basically it's easy to configure like Squid/Varnish/etc, but what makes it stand out is that it has a really extensive and flexible plugin api. You can dig into the docs on it here:
http://cwiki.apache.org/confluence/display/TS/Traffic+Server
Which also yields:
http://wiki.apache.org/incubator/TrafficServerProposal
http://incubator.apache.org/projects/trafficserver.html
The Apache "champion" is Doug Cutting, of Hadoop fame, so it seems to have street cred.