One of the more overlooked features of the new iPhone 3.0 is support for a new open standard for live video streaming over HTTP, which promises to open up standards-based video broadcasting to a wide audience while giving mobile users an optimized picture as they roam between WiFi and mobile networks. Apple is not supporting Mozilla's efforts to use the obsolete Ogg Theora on the web, which lacks silicon support for hardware acceleration on mobiles and appliances. For examples of HTTP Live Streaming, see iphone.akamai.com. Viewing live streams requires iPhone 3.0 or Snow Leopard QuickTime X.
More info: AppleInsider