(Air Video for iPhone Forum Review by msbaylor. For more Forum Reviews, see the TiPb iPhone App Store Forum Review Index!)
I was quite surprised when I found Air Video for iPhone [$2.99 - iTunes link] was available in the App Store and was even more blown away with what is said it could do.
Video Streaming: Watch videos from your computer, over the air, on your iPhone or iPod touch. No need to sync with iTunes or transfer files.
Live Conversion: Convert video from a non-iPhone friendly container like AVI or MKV, or codec like XviD or DivX while you're watching. No need to convert-
iPhone and iPod touch are very picky about the video formats they can play. Normally this means you need to convert the entire video before you can watch it. This can easily take an hour!
But would it live up to it?
Besides downloading the iPhone App, you'll need to download the program for your computer (for PC & Mac OS X 10.4+). Neither app/program will work without the other. The iPhone app is basically a front end (UI) to the computer program.