Setting up a new livestream is like uploading a new video. The default setting will get you one PeerTube URL, one video container (with description and thumbnail and tags...), and one RTMP Key for each of your livestreams. This setting is useful if you want to host multiple lives simultaneously on you channel. When your live is finished, it will be replaced by the replay (if both the instance admin and the content creator have activated this setting).
We also aimed to differentiate a channel homepage from that of an account. These two pages used to list videos, whereas now the account homepage lists all the channel linked to the account by showing under each channel name the thumbnail from the last videos uploaded on it.