The official press release goes like this(I won't give you the entire thing, since I am sure that reading long and boring press releases can't be anyone's hobby):
"equinux announced today the free iPhone app "Live TV", a program designed to watch live TV on your iPhone. "Live TV" shows all TV channels that the TV software, The Tube receives. "Live TV" gets live TV signals via Placeshift in the same wireless local area network (WLAN) as your Mac. The easily operable user interface allows users to choose all channels directly on their iPhone.
"Live TV" shows the current TV channels that The Tube provides in the same WLAN in an optimized resolution for your iPhone. As soon as your iPhone is registered with The Tube, you'll be able to watch all available channels on your iPhone with a simple click. And you can also change channels in "Live TV" just that easily."
To have some iPhone Live TV, you should install the app that receives TV feeds from equinux's Tube software, placeshifted from a user's Mac via a wireless network, so you can choose a channel from your handheld, launching an iPhone-optimized video feed.
While the app is free, if you hurry up, you can get a lower $100 price for the TubeStick hybrid tuner, which includes the necessary Tube software. More details can be found on the official TubeStick page. Enjoy your iPhone Live TV sessions! :)