UPDATE: Yes, Ustream Live Broadcast is iPhone 3G compatible, and you can use it to record video
Ustream Live Broadcaster [Free - iTunes link] for iPhone has arrived, enabling users to point their iPhone cameras and instantly share whatever they're looking at with internet viewers everywhere (terms of service appropriate, thankfully).
It's been a long, slow road getting live video up-streaming onto the iPhone, with Ustream in specific releasing a limited viewer-only app first, then a record-now-upload-later app. Does this mean the gates are open for yet another previously unavailable category? We'll see. And while we're happy with video, we're still waiting for VoIP over 3G as well.
Meanwhile, we're bracing ourselves for the flood of "Come see me live" posts to flood our Twitter feeds. So just do us a favor and point that iPhone camera at something interesting, will ya?