StreamToMe is an iPhone app I've written that streams video in most common formats from your Mac to the iPhone/iPod Touch — without prior conversion or copying. It supports the TV out cable for the iPhone, turning your iPhone+Mac into a wireless media center. I'm excited that it's finally on the App Store because I've been using it non-stop during development and I'm really happy with it.
Use your Mac to stream it
Your Mac can store hundreds of gigabytes and play almost any video format (Xvid, Flash Video, WMV, MPG, MP4 and more), in almost any size (from QCIF to 1080p), but your iPhone cannot. Take advantage of this power; run the free ServeToMe app on your Mac and make it do all the hard work by live-transcoding video to your iPhone.
Then to watch video all you need to do is open the StreamToMe app on your iPhone or iPod Touch, select the video and 5 seconds later it's playing. No prior conversion, no archive of iPhone-encodes, no waiting, no copying, no syncing.