When you use the internet to view video content, whether television, movies, sporting events or concerts, the content is being "streamed" to you via the internet from someone who has a copy of such content. When you receive the stream and watch it, you are effectively downloading the content (even if you do not save it on your computer)---streaming is a form of downloading and sharing of a copy of copyrighted material. The problem with web-sites such as "project free TV" is that they link to other web-sites which stream content to consumers, without taking any steps to assure that the web-sites have acquired a license to stream the content. Lawyers who represent Project Free TV take the position that as long as they comply with the "take-down" notice scheme of the Diginal Millenium Copyright Act, they are immune from suit for copyright infringement---and these lawyers may be technically right--at least for the moment. But just because Project Free TV may be immune from suit, that does not give you the right to download materials from the links that Project Free TV provides to you. If you download from such a link, and if the web-site that provides the "stream" to you does not have a license to stream the content, then you could be liable for copyright infringement---which is a strict liability offense. Whether, as a practical matter, you will suffer civil or criminal penalties if you make use of this or similar web-sites---- is hard to say. Many content providers have moved to a "three strikes your'reout" notice system wherein they strike deals with internet service providers to send up to three notices warning customers who download materials illegally that they must cease doing so--and if a customer receives three such notice his internet service provider will cut off the customer's internet service altogether.
Note also that legislation is close to passing Congress that would make it much easier for content providers such as movie studios, record labels, and television broadcasters to attempt to shut down web-sites such as Project Free TV that profit by inducing others (web-site providers and consumers) to engage in illegal copyright infringement. There is a last minute, urgent push by web-site providers to stop this legislation, pursuant to which compliance with DMCA take-down notices will be insufficient to immunize many web-sites and internet service providers from responsibility for encouraging copyright infringement. But my best guess is that Congress will pass this legislation and President Obama will sign it.
Bottom line---copyright infringement is a serious offense, and rampant illegal downloading via the internet has had a substantial negative impact on our entire economic system. It is both illegal and immoral to download material that is streamed illegally.
I agree with the prior 2 answers. Project Free TV states "We do not promote any illegal conduct of any kind." I think that is a lie and they are destined to find themselves in Court as defendants. So whether or not you risk suit yourself, the answer is that it's illegal under current law, is immoral and hurts the TV industry. What you do, knowing it is illegal, is up to you. History is that most people ignore the law, just as they ignore the speed limit, but recognize that it is dangerous, legally risky, and generally catches up to you in the long or short run. Watching (i.e. streaming) is downloading (modern technology is such that the images are downloaded so fast they appear real-time, so do not think you are "watching without downloading". What do you think the "buffer" is if not a collection of downloaded copyrighted material waiting to be played).