iPhone owning Journalists have just been given an early holiday present. Apple has approved Ustream Live Broadacaster for the iPhone 3G & 3GS. This free app lets you stream LIVE video (and audio) over a Wifi or 3G connection, directly to the web.

Your feed can be viewed on the Ustream website by anyone who knows your Usteam username, or the URL for your broadcast. You can even alert your twitter followers whenever you begin broadcasting! Your viewers can interact with you, and each other, via live text chat. When you're done with your broadcast, you have the option of saving the video for later use.

Aside from its obvious uses in journalism, Ustream Live Broadcaster can be helpful in many other ways. For instance, imagine promoting your upcoming project by doing LIVE behind-the-scenes broadcasts from the set! 

This release is especially nifty news for 3G owners, since the app essentially gives you video camera functionality. The quality won't be great, but it's better than nothing.

All in all, this app is awesome. And it's free! So, go get it!

Are you using Ustream Live Broadcaster in your workflow?  Tell us how in the comments!