In October 2012 we had a soft release of version 2.4.2; this version introduces the new media management system, so most of the changes are in the "workshop" area where artists upload and manage media, create and edit stages, etc. There have been massive changes here, which are great - however now that we have started to use it a lot, we have discovered a performance issue in the display of media items. This has been flagged as a priority for the developers to work on, and must be resolved before the next release.
In the meantime, some developers led by Martin Eisnebarth are exploring a "video hack" that will enable realtime audio visual streaming to be added to UpStage. We hope to have this functioning within a couple of months in order to use in a current project.