While Apple's iPhone and iPod Touch have an impressive library of multimedia assets to offer via iTunes, the inability to play your own selection of media files without proper workarounds can still be an unwanted inconvenience at times. Fortunately, Orb Networks officially announced its recently released its new OrbLive iPhone application will change all of this.

The new downloadable application will allow users to enjoy video content in any format - downloaded BitTorrent files, TiVo-to-Go files, DivX, Mov, MP4, even live video and TV streams. OrbLive, along with the free Orb Media Center app on your PC, will give everyone access to all the media from that PC even while you're away.

Joe Costello, CEO of Orb Networks, had a couple of choice words to compare the new application with Apple's old way of sharing media files. Here's what he had to say:

Face it, sync-ing was a good way to get your media 5 or 10 years ago. Now it is just a way for Apple to control - and make money on - things you watch and listen to. NBC makes their shows available for free on their website, and TiVo says it is OK to watch your recordings on your computer; why does Steve Jobs get to decide what you watch? Before you know it, Apple is going to be like that soup guy on Seinfeld. 'No Tivo for you!'

The OrbLive iPhone application can be downloaded through the link found on the source link we've provided below. Just remember that this program will only work on jailbroken iPhones and iPod touches. You can also view a video featuring OrbLive in one of our previous articles.