It's April 1st, but this is legit.
It's a hearing of the Energy and Commerce subcommittee. See this witness list and there's an MP3 of the proceedings now that can be found here. I'll refrain from comments until I've listened to all of this, but the opening statements of the Congressfolk were, to say the least, interesting.
Update: Video, audio, and prepared statements now archived here. Some news reports now available here. And one initial thought: apart from the opening remarks, this was mostly a hearing about Second Life. The speakers other than Rosedale talked primarily about Second Life and UGC worlds.
Update 2: On listening to testimony and further reflection, in lieu of commenting, I think I'll just point to Lum's reaction. I'm really not sure I have much to say about this event myself. Still, it is the first Congressional hearing on virtual worlds. I wonder what the first hearing on airplanes was like?
Update 3: Ok, my last comment on this, in reply to Raph's thoughts. If you can get past 1) the opening remarks, 2) the promotional video for Second Life, and 3) the fact that everyone at the hearing seemed to think that Second Life was synonymous with virtual worlds (made convenient by the fact that the other witnesses had major investments or involvements in Second Life), then you'll find the Q&A (starting at 51:20) has some very interesting stuff. Some of it shows the legislators being perceptive. Some of it shows the legislators and witnesses being not so perceptive. But if you're interested in the regulation of virtual worlds, it's worth a listen.