Watch thousands of movies and popular video clips free on iPhone/iTouch using the new Joost application.  Joost provides streaming video via P2P networks and was previously available only as a desktop client.  Now you can enjoy films like Starship Troopers for free over wifi connection.

I tested the free app and after some initial caching lag, movies look and stream great over wireless-g.  The list of movies is limited but still impressive, and how can you complain when it's free!