My first impressions of the application (S60, on my Nokia N82) are that it’s well-designed and allows you to start broadcasting immediately AND set up a more specific broadcast with title and privacy settings through a wizard. I don’t know if it’s the compression codec used, but uploading/streaming seems much snappier than with Qik. Quality is pretty good even at normal quality (other setting is ‘best’), so long as you don’t have too much movement. One other major difference is that it records video with your phone in portrait orientation, as opposed to Qik’s landscape. This actually makes more sense for handheld cellphone video, as it attracts less attention, is easier to stabilize, and doesn’t get as tiring.
Will be thinking about using this over Qik for this website’s embedded video widget. As you can probably see, I haven’t broadcasted any video in weeks, partly because Qik took ages and tons of battery life.