The floodgates are beginning to open. Just last week we had the first live streamer, Knocking Live [iTunes link], that worked from iPhone to iPhone. Now, Ustream is offering a free app [iTunes link] that lets you put a live or recorded stream on the web that multiple people can watch from a web browser.
This is a rather stunning turnaround from just weeks ago when Apple did not allow any live streaming of video from the iPhone. This app supports the 3G and 3GS iPhones, and allows streaming over the 3G network and Wi-Fi. You can record the stream to your iPhone for a later upload, and it even works on 3G phones that don’t have built-in video record capability.
[From Stream audio and video live from your iPhone with Ustream Live Broadcaster]