As I said on last Nights Ustream, I would write a review for the Ustream App, so here it is.
I watched the Lartist at work Ustream on both my Laptop (A 3 year old Gateway) and on my touch 16gb 2nd Gen. While running both at the same time, I discovered that the touch was about 20-30 seconds behind my laptop in both audio/video and chat. When I posted on chat for the first time, (after logging into my account) I was temporarily disconnected from my computer's chat room on Ustream. It might have been my internet, but it also took quite awhile before my comments were posted.
The vertical view (with the home button on the bottom of the ipod) wasn't very pleasant to look at but the horizontal was quite a bit better. After about 10 minutes of viewing on my ipod, the Ustream app would freeze and disconnect, but this was a problem most likely related to my internet connection (I hate satellite).
All in all, this is a good app if you have to leave your computer for a moment or don't have access to one when you want to Ustream, but otherwise, stick with the computer.
If anyone else has something to add to this, go ahead and post, or send me a PM and I'll add it to this post with credit given to you.