Ustream has received approval from Apple for its iPhone live video viewing application just in time to watch the Obama inauguration live from wherever you are.
…as long as you have a wifi connection that is. The application requires an open wifi connection to show video, but it works very well. Audio is solid, picture quality is good but with a low frame rate. And users can both read and leave comments in the chat stream. Get it here (iTunes link).
We eagerly await the fraternal twin Ustream app that will let users broadcast their own video from the device as well.