The easiest template to use for livestreams is simplevideoplayer. The videoplayer example can also be used (set the streamformat to hls in your xml). the mrssfeed example currently appears to force the streamformat to mp4 so you would probably have to insert some logic in NWM_MRSS.brs (and a tag into your rss feed) to determine if a stream is a live stream or a progressive download .mp4.
In the past I've simply modified this example to put the live stream control in config.opml and add a live stream as a section on the main poster screen, instead of altering an RSS feed that I may not have complete control over, for example from blip.tv or wordpress.
In other words:
<outline title="My Stuff Live" subtitle="me me me live" img="http://myserver.com/myliveimage.jpg" url="http://mememe.com/live.m3u8" live="true"/>
<outline title="Loaded" subtitle="powered by CNET.com" img="http://www.cnet.com/picture.jpg" url="http://loadedhdpodcast.cnettv.com" live="false"/>
<outline title="Engadget" subtitle="" img="www.engadget.com/engadgetshow_logo.png" url="http://www.engadget.com/show.xml" live="false"/>
and in the xml parser that parses config.xml, you look for outline@live="true" and write a bit of code to handle that situation in the various places where it is needed.
- Joel