Brought to my attention first on the City of Heroes forums, although I'm sure that this is probably from ANN's article on the matter, we now have ADV's The Anime Network's streaming service joining the Internet distribution fray.
Other blogs have already noted the primary draws: it's free (as in beer), it's subbed-only, and it has Tengen Toppa Gurren Lagann as the chiefly promoted series of this venture, which has been said to be Awesome and Manly and all sorts of superlatives. I have yet to watch this series myself, although I have been Meaning To.
However, I find myself completely unable to recommend or even comment on this service. Not because of anything bad, as such, about the video stream or site, but entirely because of the following message:
Sorry guys and gals! This feature is only available to US and Canadian residents at the present time. Please check back soon as we continue to strive to provide you with the best anime available online for free. If you have additional questions, please check out our FAQ.
Regional licencing restrictions, you are my bane.