Orb Networks announced OrbLive that enables users to stream live TV to Apple iPhones.

Orb enabled live streaming of TV from users' homes to almost any mobile phone with a streaming player and a web browser already. To get around the iPhone's extreme limitations on supported video formats, Orb created a special application, OrbLive, to enable the streaming of any video format to iPhones.

The OrbLive application can only be installed on a jailbroken iPhone or iPod touch. I hope they can convert the OrbLive application to the upcoming iPhone SDK so you do not have to hack your iPhone to make this work.

Orb optimized media streaming so it works over WiFi and over AT&T, O2, and Vodafone networks.
More details on the Orblive page or see the how-to video below.