Getting live feeds with Arduino...

Hi, I'm trying to assess the feasibility of an idea I had for Traffic cones that inform drivers of the traffic on the roads up ahead. The idea would be that the more visible [due to self lighting] traffic lights would display one of three colours depending on the situation up ahead, alerting drivers to either reduce their speed early or maintain it as they travel.

My questions on this are;

  1. Is this as feasible as I think it is [using an ethernet connection]?
  2. Would ethernet be the best way of doing this, or am I shaving the corners off a square peg for my round hole?
  3. And finally, have any of you seen any similar examples with arduinos reacting to data sent via a network connection like this [I'm familiar with twitter feed reactions, but was thinking away from that practice]?

Many thanks.