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.

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