Nothing quite like streaming vids live, and for that there's the Ustream Live Viewer. Load it up, find a video that you like, then cozy up with your iPhone and enjoy the show. This live viewer allows you to catch all the Ustream vids when you want it, wherever you are - provided of course, that you're connected.
About the only problem with this version now is that it can't pause while you're buffering, so you're forced to go through the annoying process of having to watch it be choppy and nearly unintelligible. But hey, you can always seek back to the start when you're done. Just let the vid jabber away senseless with all the buffering while you go do something else while waiting for it to finish.
As usual, this you can find this thing in Cydia.
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