iPhone 3GS: It's been a long time coming, but Apple's finally approved a (notable) live video streaming app for the iPhone 3GS. Ustream is one of the first out of the gate, and it seems to deliver on its promise.
Ustream already has an app in the Store that lets you record video and upload it to Ustream, YouTube, or other locations—but not live, and that's kind of the whole point of Ustream.tv. After another phone-to-phone live video app was approved last week, Ustream's potential has been fully unlocked, allowing for live record-and-stream on 3G or Wi-Fi connections.
Lifehacker lacks a 3GS to try the app out with at the moment, so if you've given it a shot, tell us how it's working in the comments. (As ever, your data allowance might be an issue.)