They called it the “Battle Royale” of media and entertainment. This year’s CES pitted Internet video upstarts like Hulu, Roku, and Boxee in a cage match against industry stalwarts such as Comcast and Time Warner. At stake: the hearts and minds of millions.

It was spun as a victor-versus-vanquished battle. It was either going to be Internet video’s David hoisting aloft the head of the Goliath that is cable TV, or cable mowing down Hulu and the others like so much other Internet roadkill.

At first glance, it appears that David is a stone’s throw from victory. The ever-crucial 18- to 24-year-old viewer, who spends $11 billion a year on entertainment, no longer watches TV as we know it. They are Cable’s Lost Generation. However, it turns out that they may not be as lost as we think.