Ustream has received approval from Apple for its live video viewing application on the iPhone just in time to watch the Obama inauguration live from wherever you are. The application requires an open WiFi connection to show video. Audio is pretty good, picture quality is good but with a low frame rate. Of course, there is a lot of buffering, even over WiFi, and users can both read and leave comments in the chat stream. Get it here.

I have taken some screen shots, and posted on my Flickr stream.

Update: The application is only running on iPhone’s, and not iPod Touch’s like the App Store mentions.