Imho bandwidth wouldn’t be the problem. Clientside you can stream movies in high quality already in realtime (when you have DSL with good downstream). And serverside you would need to stream the frames to, lets say, 50 clients - this should be possible too.
But for renedering the frames for 50 clients on the server (and encoding them with something like mpeg), you would need alot of computer power. It should be possible when you have about 50 PCs with a descent graphic card on the server side (or something “big”).
This could be a nice project for a Q3 mod: calculating all frames on a server side computer cluster and stream it via mpeg to the clients. :drink:
(You could also create something like a aaquake2 “encoding” to reduce bandwidth ;-))