Air Video is an iPhone/iPod touch application used for streaming video from a PC in your home.
There are 2 components to be installed. The server piece installs on your Windows or Mac PC. Installation is a simple affair as is configuration. You set the "Shared Folders" and a few other options, including internet accessibility.
The iPhone/iPod touch application is offered in 2 flavors: a free application and a paid ($2.99) application. I started out with the free version just to see how things worked. I was allowed to view the folder I had shared from my windows home server and I was allowed to choose from a random selection of videos within the folder structure.
Air Video works by converting your videos on the fly to stream them to your iPhone or iPod touch. This real-time conversion was flawless, even on my old AMD 3000+ 64it processor. Videos played perfectly over my home wifi network so I quickly purchased the full version. This allowed access to my whole video collection. I now have access to my entire video library from any location where there is an accessible wifi connection or a 3G signal.
This application is simple to set up and it just WORKS. It is extremely impressive, especially for such a low price. In my opinion the application is well worth the very minimal cost. You can find the iPhone/iPod touch application in the iTunes app store, and you can find the server installation as well as more information on the company's web site [Air Video].