I usually use Opera Mobile to browse the web on my phone and while it displays most web sites accurately, it doesn't support Flash videos. That's why I've started using Skyfire recently to watch Youtube videos or Live TV on my cell.
To give you some background, I got stuck in an airplane this week for an hour and an half (thanks United!) and my favorite soccer team was playing at that time... Opera didn't allow me to watch any Live Champions League feeds so I downloaded Skyfire from the Windows Mobile Marketplace and decided to give it a try since I heard good things about it.
I went to my favorite Live Sports schedule siet (http://myp2p.eu/index.php?part=home) and simply clicked on a link to watch the game on my cell. It worked perfectly even on a data connection.
All in all I highly recommend Skyfire! While the UI itself isn't as good as Opera's UI it can display any Flash videos from any site (YouTube, Justin.tv, Hulu, Livestream, UStream etc.) which is just amazing, no other browser can do this today.
What it means for us cell phone users is that you don't need to somehow stream a feed from your computer to your cell phone, you can now natively view pretty much any videos on your cell with Skyfire.
It supports Windows Mobile and Nokia/Symbian phones.
Here is a video I found on Youtube which highlights some of its best features:
You can get some additional information about Skyfire at http://www.skyfire.com.