Orb Networks is pushing the boundaries of placeshifting with its latest application that lets folks stream live TV to the iPhone or iPod touch.

While Orb's placeshifting software works with most mobile browsers, the iPhone is known for limiting the types of video content it supports. To get around these limitations, Orb has developed something called OrbLive, which it says enables the streaming of any video format to an iPhone.

"Although the iPhone provides users with a great way to experience the Web, it offers a ridiculously sub-par streaming video experience," said Orb CEO Joe Costello. "When all the carriers' free phones can stream lots of things that my iPhone can't, something's seriously wrong."

Sounds cool, but you gotta wonder what the folks at Apple will think of the new software. To see how it works, check out the video below.