The demo, available here as a screencast, shows how to leverage Live Clipboard + RSS Simple Sharing Extensions (RSS+SSE) + microformats (mRc?) to synchronize calendars in both directions between a web application (Upcoming.org) and a desktop application (Microsoft Outlook).
A new technique is shown, pushing client SSE feed state to the server via HTTP POST, to circumvent the difficulties of feed cross-subscription in firewalled environments. It also shows a tentative representation of SSE feed references in the Live Clipboard XML format.
More discussion over at Live Clipboard discussion list.
Here's the screencast
Time to get microformats the t-shirt...