First Look: Application for iPhone has launched their first iPhone application right in time for the Obama Inauguration.

The Ustream iPhone Viewing Application is WiFi only at this stage, allegedly “to ensure the highest quality broadcast,” and gives full access to shows.

The application is available now from the iTunes store here.

First impressions: it works well. Streaming shows were easy to connect to, and the quality was no different to watching most YouTube videos on an iPhone. Content is categorized by recommended, popular and archival material, and users can search for specific shows. promises that the viewer experience is complimented by the ability to chat live, however I found with most streams that this isn’t offered, the difference between one with it and with out isn’t clear.

The lack of 3G support is a little strange, and limits the application, but it’s a reasonable first effort, and the price tag is a winner: completely free.

You can catch the Inauguration live on Tuesday.