Digg dudes Jay Adelson and Kevin Rose, along with David Prager (TechTV, G4), Dan Huard, and Ron Gorodetzky, dig doing downloadable video so much that they’ve created a new media company, Revision3, to do it.

According to the company, “Revision3 is the first media company that gets it, born from the Internet, on-demand generation. Unlike aggregators, mash-ups, clients and web sites, Revision3 is an actual TV network for the web, creating, producing its own original entertainment and content.”

Revision3 has grown out of garage video podcasting to the point that it is now getting over 1.5 million downloads per month.

According to VentureBeat, the startup has raised $1 million in financing, led by a $250,000 commitment from Greylock Partners, which also backed Digg. Other investors include Marc Andreessen, co-founder of Netscape, and Michael Tanne, of tag search engine Wink, Don Hutchison, of Goodmail/Excite@Home, Mike Maples, a podcasting expert, and Ron Conway.

Revision3 respectively suggests that it is time to “Kill Your Television.”

The company calls itself Revision3 because they think that television is moving into its third stage:

• Revision 1: Cable, adding general interest channels, catering to ‚Äúmost common denominator.‚Äù
• Revision 2: PC-based Internet video, indy films, no business model, no loyalty, no audience
• Revision 3: TV and Internet converge. iPods, Tivo, mobile, broadband enable mass, loyal audience to shift to ondemand, niche content. Advertising follows them.

In many ways, the Revision3 announcement appears to be a tipping point for video podcasting. Shows like Rocketboom and TheShow have demonstrated the potential of video podcasts to draw major audiences, and several companies, including Rocketboom, have begun to create networks of video content specifically for the Web.

Revision3 claims over 250,000 viewers per week for Diggnation, more than many cable TV shows achieve. This, along with the venture capital investment, demonstrates the potential of an ad-supported model for creating and distributing original video podcasting content.

Initial programming for Revision3 includes:

• Ctrl-Alt-Chicken
• Diggnation
• Geekdrome
• InDigital
• Infected
• Mysteries of Science
• NotMTV
• PixelPerfect
• Systm
• thebroken
• WebDrifter