You can watch video streams on Livestream by using their player.
Can it be embeded in iOS/Android application to track only one channel?
Yes, you can do this via HTML for mobile with LiveStream's Mobile API.
For example, in iOS you can do that like this via html:
<html>
<body>
<h1>iPhone Example:</h1>
<video width="300" height="225"
src="http://xmashablex.is.channel.livestream.com/onDemand/ls/mashable/pla_2bc0bbfa-cc39-4f80-b9ef-376b97da94a4/playlist.m3u8"
poster="http://www.livestream.com/filestore/user-files/chmashable/2010/06/08/d333a646-94aa-4035-a66e-1185bd885622_1.jpg"
controls=""
autoplay="true"
tabindex="0">
</video>
</body>
</html>
And android/blackberry:
<html>
<body>
<h1>Android Example:</h1>
<a href="rtsp://xmashablex.is.channel.livestream.com:1935/onDemand/ls/mashable/pla_2bc0bbfa-cc39-4f80-b9ef-376b97da94a4" id="thumbnail">
<img width="320" height="240"
src="http://www.livestream.com/filestore/user-files/chmashable/2010/06/08/d333a646-94aa-4035-a66e-1185bd885622_1.jpg"
alt="thumbnail" title="thumbnail"/>
</a><br>
Click image to play
</body>
</html>