UStream to beat Qik in the live streaming to iPhone race?

When it comes to live streaming on the iPhone, your only option up to this point was to jailbreak your iPhone and then use Qik’s live streaming application. However, if Apple (and AT&T’s bandwidth) approves the current version UStream application that the company has submitted to the App Store, theirs may be the first legitimate live streaming application to make it to the iPhone. Going by a demo video that co-founder John Ham took with TechCrunch just this week, it seems as if the application is going to turn out just like it is on other phones.