Today Ustream’s co-founder John Ham announced that Ustream.TV is coming to the iPhone! The application, once available, will allow anyone to watch a live broadcast from Ustream anywhere they have an internet connection. Additionally, you’ll also be able to participate in a particular video’s chat room for the full Ustream experience.

The app has been submitted to the App Store and is currently in a private beta until it’s been approved. Read on for a video of the app.

As part of the announcement today, John stopped by the TechCrunch offices to give them a special sneak peek at the app before it’s approved by Apple. The plan is to have the app available in time for president-elect Obama’s inauguration. We haven’t gotten any official word on how much the app will cost, but we’re willing to bet that it’ll be somewhere between free and free.

Below is a video taken of the app at TechCrunch’s HQ:

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