If we wanted to cut out UStream, we would need an alternative video streaming solution.
I've never tested it, but there appears to be a streaming solution using VLC on the computer connected to the camera and the <video> tag on a webpage. It is detailed in
this blog post. It is also possible to transcode a flash stream using VLC.
The alternative would be for a flash/native program combination like UStream uses.
I like HTML5 video. The only problem I see is Internet Explorer and Safari. Other than those 2 browsers, all browsers support Ogg Theora. I propose offering 2 streams, one using Ogg Theora and the <video> tag, the other using Flash.