Previous versions of the UStream app for the iPhone only allowed you to stream video from the service. Their latest offering finally allows you to record and send video to the web.
Granted, there are other applications in the App Store that already do this like Kyte and 12Cast, but UStream promises high quality video and better flexibility with regard to where your video is shared. Currently, videos can be uploaded to UStream, YouTube, Twitter, Facebook, or UStream on Facebook. You can even edit videos already on UStream directly from your iPhone.
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It isn't the live streaming everyone wants, but until Apple and AT&T allow it to happen, developer's hands are tied. [TechCrunch]