Video recording service Ustream is best known for streaming live video on the web.  To complement the web service, Ustream also launched an iPhone application so that users could watch services that are streaming on the website already.  There was a rumor floating around that the company was planning to upgrade their application so that iPhone users could stream video themselves.

That rumor has become invalid after it was revealed that Ustream has announced a new application called Ustream Recorder.  Ustream Recorder is a free application on the iTunes App Store that allows users to upload recorded video on the iPhone to the Ustream website.

The problem with streaming video from the iPhone is the bandwidth costs that AT&T has to deal with.  AT&T has bandwidth caps which limits the power Apple can give to developers.

Along with the ability to upload video on the Ustream website, videos can be shared on Twitter, YouTube, and Facebook.  Videos that you have already uploaded on Ustream can be edited and managed by the application too.  To edit them, the videos have to be downloaded.

David Prager seemed strangely calm when a strange man walked into his house and slept on his bed.  Prager decided not to call the police, but decided instead to take a video and Twitter about the whole situation.  While this situation was pretty entertaining for the Twitter and UStream community, I think that calling the police would have been the best thing to do.  Regardless, below is some of the footage and some of the tweets that Prager sent out:

- ok – I think the drama is over – intruder is out – door is locked – think I finally need some sleepabout 8 hours ago from Tweetie
- if u haven’t been watching my ustream -the dude passed out in my bathroom and I just dragged him outabout 8 hours ago from Tweetie
- going inabout 8 hours ago from Tweetie
- http://www.ustream.tv/chann…about 8 hours ago from web
- ok – still haven’t done anything – he is still in there – gonna setup a ustream now I think – standbyabout 8 hours ago from Tweetie
- haven’t gone in yet ….. debating calling cops but just feel it’s not needed for some reason (and probably contrary to all logic)about 9 hours ago from Tweetie
- ok – have weapon if I need it – but don’t plan on any confrontation with it – about to go inabout 9 hours ago from Tweetie
- glad that GF wasn’t hereabout 9 hours ago from Tweetie
- ok – about to make move – putting shoes on firstabout 9 hours ago from Tweetie
- I’m now thinking maybe he’s passed out in my bathroom — I guess that’s better than violent — but I have no idea. time to freak out??about 9 hours ago from Tweetie
- but … I could be wrong about the harmless assumptionabout 9 hours ago from Tweetie
- hmmm — should I call the cops like you guys have recommended? find a blunt object before opening the door? my gut tells me he’s harmlessabout 9 hours ago from Tweetie
- there is no TP in my bathroom – wonder if that is complicating things for him – was gonna wait for him to come out and kick him outabout 9 hours ago from Tweetie
- maybe I should mention I live in a relatively rustic studio apartment in SFabout 9 hours ago from Tweetie
- I’m thinking the hobo part cause I can smell BO – and I really am wondering why I haven’t freaked the F outabout 9 hours ago from Tweetie
- ok – he’s still in the bathroom and Im now thinking a combo of hobo and drunk and sleepwalking dude – he seems late 20s – hmmm what next ?about 9 hours ago from Tweetie
- and I can’t believe I’m tweeting about it while he is still in there — in wonder of he is sleep walking – or if maybe I should freak outabout 9 hours ago from Tweetie
- ok, maybe I should lock my door – I swear a random dude just walked into my bathroom and I can’t believe I haven’t freaked outabout 9 hours ago from Tweetie

Below is the video:

Social media will be in full effect during Inauguration day.  Tweets will be sent back-and-forth, Flickr enthusiasts will be snapping pictures away, live streams of the event will be all over the Internet, and people will be able to watch the event from their mobile phones.

Twitter: Tweet tweet!  The amount of tweets being sent back-and-forth on Twitter tomorrow will be so substantial that the company is doubling their capacity.  Current TV and Twitter have partnered to showcase interesting tweets throughout the day tomorrow.

Live Streaming: The New York Times, Hulu, Joost, and UStream.tv will be live streaming the inauguration event.   Anyone that owns an iPhone can watch the inauguration on their phone using UStream’s iPhone application.

Flickr: Flickr will is hosting an event at a bar nearby the inauguration in Washington D.C.  Photo enthusiasts will be able to see images pulled from the election and from the induction ceremony.

Microsoft and CNN are working on a way to release a digital panorama of the event using Microsoft’s Photosynth software.  Microsoft is looking for professional photographs and user-generated photos to put together a final panorama of the event.

Facebook and CNN have put together an event that will publish status messages of users on CNN.com Live.  The event is available at: http://www.facebook.com/home.php#/event.php?eid=56799103571

iPhone Application: There is a free 2009 Presidential Inauguration Guide iPhone application available for those who are travelling to D.C.  The application lets iPhone users look up public transit information, find Wi-Fi hot spots, and includes a Zagat guide for the city.

UStream.TV is a live, interactive video company that allows anyone with a fast Internet connection to stream and record shows.  The company was founded by Brad Hunstable.  UStream.TV is based in Los ALtos, Calif.  Frank Cuafield and the Band of Angels are investors in UStream.TV.  Caufield is a founder of Menlo Park, Calif. based venture capital company, Kleiner Perkins Caufield & Byers.

Valleywag has a source that UStream.TV is turning down a $50 million bid from Microsoft and wants to work with a VC firm instead.  Angel investor, Chris Yeh stepped in as CEO of UStream, but then gave the position to founder of Esurance founder, Chuck Wallace.

If Valleywag’s source is correct, then this would be a foolish move for UStream.TV.  I think that $50 million overvalues UStream’s worth given their traffic measurements.