Livestream today announced the immediate availability of its free service for streaming live to the iPhone and iPod touch, Livestream Procaster, a great new solution which lets users can stream live from their webcam, video camera or even broadcast their PC or Mac desktop, directly to iPhone users over 3G or Wi-Fi connections, with less than five minutes of setup.

The streaming service uses the H.264 HTTP live streaming functionality included within the native QuickTime player that Apple has pre-installed on the iPhone.

What this means that Livestream producers do not need to obtain iPhone App Store approval to launch their own iPhone live streaming channel, nor do their viewers need to install any application as streams can be viewed using the iPhone

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