The initial Queen's speech is televised by terrestrial television, with a lot of emphasis on the traditional costumes and ceremonial (I blogged the last State Opening of Parliament here, so people who know more than I do may be able to locate it).

As for the politicians speeches they are lucky to get a five second sound bite on the news. You may get the Prime Minister and the Leader of the Opposition on BBC, but they usually cut away after a few minutes for round table discussions by politicians and journalists. This seems to be considered better television than the live event itself. You have to look at the Parliament Channel on cable or Freeview to see the whole debate.