Stream live video to a worldwide audience from your iPhone

My favorite overlooked app of late - it reminds me of a Twitter for video. Anyone can instantly become a videographer or broadcaster and gain a following. I'd love to see some interesting journalistic use cases emerge - a reporter on the ground can instantly share live streaming video to an audience around the world, giving them insight into something that they'd previously have to wait to see or may never see at all.
This actually reminds me of Color. I think the key is making the live stream shareable outside of the app.
These guys went through DreamIt in Austin last year and the app was pretty impressive then. I haven't checked it out recently but I'm willing to bet they've made significant progress after a year back home in Israel.