INMARSAT's IP station addressing scheme overcomes the satellite transponder limitation - allowing for a dramatic increase in the number of uplink users as well as improved data bandwidth - both requirements for any industry-wide satellite streaming system.
However, the proposed ICAO guidance only suggests the need for transmission of data recorder information for aircraft in distress. This would seem to fit the current and near-future state of tech with the number of commercial aircraft in service.
I would imagine traditional local recording DFDR and CVR's would still be installed and used in parallel with SATCOM streaming per the proposed ICAO "distress" standard.