Perhaps they’re trying to shake that reputation of being a place to find illegal sports and television streams or perhaps they really just want to cater to iPhone users who want to live stream events. Either way, they’ve launched a new app on the iPhone App Store.

The iPhone app will allow you to both broadcast and watch live streaming video via its site. This is an expansion of their mobile position as they already released a live mobile streaming application for Google Android. The iPhone version has some specific features though so if you’ve got both you’ll definitely want to check it out.

Using your iPhone 4 or 3GS you can stream straight to your account. That will allow just about anyone to view your live stream if you wish. Those of you who downloaded the app earlier will have a free update waiting for you that will enable the live streaming features.

The application is said to use the hardware’s ability to encode and will work on both 3G and Wi-fi connections (seamlessly they say).  In the apps (both Android and iPhone) you can use social sharing and chat (as an overlay) right from the app without having to open another and if you’ve got an iPhone 4 you can switch between front and rear cameras. That could make for some interesting live action reporting.

The app also features Landscape mode, and Flash control. reports that since the launch of the Android app two weeks ago, live mobile streams now account for 20 percent of their live streams and they expect that the availability of the iPhone update will further increase that number.

My question is, what exactly are all those people streaming live? Daily commutes? Sports events? Hours on end of them being a corporate drone in the bland cubicle with terrible lighting? I know mine wouldn’t be all that interesting, though I don’t have a cubicle and have a lot of natural light in my home office.