Joost lost the video war a while ago, thinking a P2P app that imitated TV would be the way people wanted to watch TV and movies on their computer. They were wrong, and only recently rectified the mistake. It's probably too late for them. But their new iPhone app, which streams over 46,000 videos including full movies like Men in Black and Starship Troopers for free over Wi-Fi, is actually kind of exciting.
It's kind of crashy, could use a better navigation UI and takes too long for movie streams to get going (and then when they do it's kind of finicky) but we definitely appreciate being to stream The Fifth Element over Wi-Fi in decent quality, when it actually gets going. More than anything though, it just makes us soak our pillow with even more drool dreaming of a Hulu app. [iTunes via NewTeeVee]