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The much anticipated free app can be now be downloaded and works with the iPhone and second generation iPod Touch. You'll need to be connected to WiFi to use the app, but once you do you'll get pretty decent quality picture and audio, as well as the ability to view and participate in a stream's chat room. Also of note is that the Ustream app supports viewing in standard and landscape mode.
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The timely launch precedes Ustream's live coverage of the Inauguration tomorrow, giving you yet another way to watch the $150 million party.