OMG. It's here. Right now. Sooner than I expected (related post [LINK]).
The 'Ustream Live Broadcaster' app [US][Canada] is available for the iPhone, right now. It looks like it was released on Dec. 9, 2009.
By the way it's a free app, but it will obviously consume some bandwidth.
Live streaming video from the iPhone to the Internet. For example, straight to Facebook. Automatic Twitter alerts. Automatic geolocation. On device recording. Many more very clever features.
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