Ustream today released its free live broadcasting application for the iPhone 3G and 3GS, allowing iPhone users to stream and broadcast live video from the iPhone over either Wi-Fi or the 3G network. Ustream Live Broadcaster provides the ability to broadcast a live stream via the Ustream servers or record video locally on the device, even on the iPhone 3G. Videos are streamed or recorded at a maximum resolution of 320×240 and recorded videos can be viewed within the Broadcaster application on the iPhone itself or uploaded to Ustream, YouTube, Facebook or Twitter for sharing. Live Broadcaster also provides the ability to send out a notification via Twitter when you start a broadcast as well as interact with your audience during a broadcast through chat or a Twitter feed via Ustream’s Social Stream service. Ustream Live Broadcaster requires an iPhone 3G or iPhone 3GS running OS 3.1 or later and is available as a free download from the App Store.