Well there is one alternative I know, but it has few limitations and it is not that user friendly.
As I understand, one can create media server in DD-WRT(or OpenWrt) router that can forward modified streams to your devices
One great feature it offers is you can stream that IPTV with your android phone.
It`s not one click solution nor to install, nor to play video, but if it suits you- try.
Personally I didn't try this yes, as my router's rev number is not yet supported by DD-WRT :/
You can find more here:
I look forward for an GoogleTV App, in which i can manage my channels, create logos for them, so it is smooth not for me just functionally, but visually pretty too , so all my family could use that.