Livestream today announced the immediate availability of its free service for streaming live to the iPhone and iPod touch, Livestream Procaster, a great new solution which lets users can stream live from their webcam, video camera or even broadcast their PC or Mac desktop, directly to iPhone users over 3G or Wi-Fi connections, with less than five minutes of setup.

The streaming service uses the H.264 HTTP live streaming functionality included within the native QuickTime player that Apple has pre-installed on the iPhone.

What this means that Livestream producers do not need to obtain iPhone App Store approval to launch their own iPhone live streaming channel, nor do their viewers need to install any application as streams can be viewed using the iPhone’s Safari browser.

Livestream has also provided a simple Representational State Transfer (REST) API for developers to integrate live streaming into their own iPhone websites or their own iPhone applications. Livestream Procaster includes a free streaming encoder, which means that no third party application or license needs to be purchased in order to stream live to the iPhone using Livestream.

“A key breakthrough is that the service doesn’t require any proprietary player or application to be installed on the iPhone. Producers are free to integrate the iPhone live stream with their own website, iPhone portal or iPhone application using the API provided,” explained Livestream CEO and co-founder Max Haot.

Livestream will broadcast some session highlights at the NewTeeVee Live conference using its technologies tomorrow, these will be made available here.