[wmf]

I wouldn't describe Transport Stream as a "file system" but most people probably aren't familiar with the term multiplexing. It's true if you record a TS (e.g. to a .ts file) you can later split out the different Program Streams which can hold pretty much anything.

[LocalH]

Pedantry alert: you're generally extracting Elementary Streams from a given TS. A Program Stream is basically a variant of a TS that's meant more for files at rest - say, on a DVD, or a PS2 game (which did use MPEG-2 PS extensively in the PSS file format, except storing the audio as XA ADPCM in a data stream) - while a TS is a bit more robust for transmission