Ustream, iPhone app that allows people to watch streaming-videos directly onto the device, has been announced for some time now, but the App Store has just recently given it the seal of approval. With the Ustream app you can watch live shows, concerts, debates, conferences, pretty much any high profile event that you had to miss out on simply because you were not at home in front of a TV or computer .

Founder and CEO of Ustream, John Ham comments: “Ustream is excited to join the app store and bring a great application to the iPhone. Now iPhone users can watch and chat with any Ustream show directly from their iPhone. So now, wherever you are, you can be part of the global community around shared live experiences."

As John Hamm has stated in the above quote, the Ustream app allows you to do two things: the first, obviously, is to watch live-streaming events; the second is to chat with other people that are using Ustream to watch the same event as you are. So if for example you are watching Barack Obama’s inauguration ceremony, and someone just as interested in the event as you are is also watching it, then the two of you can socialize.

The guys over at Ustream have stated that they will cover the Obama inauguration, the problem is that they care so much about video quality that they will limit it to Wi-Fi viewing only. Even if the situation changes, they did state that we should “stay tuned for developments”, and a 3G connection will be enough to watch the event, you could always use WeFi to connect to a speedy, free WiFi spots. This will be Ustream’s big hurdle, and if it manages to prove itself now, the future looks bright for this app.

If you would like to get Ustream, an iTunes download location is available here.