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We evaluate the performance of a large-scale live P2P video multicast session comprising more than 120, 000 peers on the Internet. Our analysis highlights P2P video multicast characteristics such as high bandwidth requirements, high peer churn, low peer persistence in the P2P multicast system, significant variance in the media stream quality delivered to peers, relatively large channel start times, and flash crowd effects of popular video content. Our analysis also indicates that peers are widely spread across the IP address space, spanning dozens of countries and hundreds of ISPs and Internet ASes. As part of the P2P multicast evaluation several QoS measures such as fraction of stream blocks correctly received, number of consecutive stream blocks lost, and channel startup time across peers. We correlate the observed quality with the underlying network and with peer behavior, suggesting several avenues for optimization and research in P2P video multicast systems.