Watch the Obama Inauguration on your iPhone

Ustream is prepping an iPhone application that lets users watch live streams from the service on their iPhone. Mike Arrington got a look at as early version of the app and reports that it lets users watch any Ustream channel, live, directly from the iPhone. The apps also lets you participate in the live chat around the video, which could be interesting during a huge event like the Inauguration.

The Barack tie-in is that you'll be able to use the Ustream application to watch Tuesday's Obama Inauguration on your iPhone, live from anywhere, even if you aren’t in front of a TV or computer.