LocalBTV is a nice-enough streaming service, however, there's two big issues--the biggest one being there's no ABC, CBS, CW, Fox, MyTV, NBC, Telemundo, Univision, or UniMas available on there, and PBS' availability varies by market. If anything, even though LocalBTV started just before Locast did, BTV is/was more or less a complement to Locast, because the latter didn't give every subchannel that was available in your region. With BTV, you're only going to get whatever subchannels networks that are available in your market already--as an example, for the Los Angeles region (where I live), I would only get Cozi, Antenna TV, Circle, Buzzr, QVC, HSN, some Asian-languages channels, local independent KDOC, and most of the local PBS subchannels.
Secondly, LocalBTV is available in less places than where Locast was; right now, it's only available in New York City, Los Angeles, Chicago, Philadelphia, Atlanta, Indianapolis, Phoenix, San Diego, Las Vegas Fresno, Monterey-Salinas CA, and Louisville.