Joost have launched their iPhone application on the App Store giving users access to 46,000 Joost videos, including various television shows and feature films.

The iPhone has a built in YouTube application already, giving them a serious head start when it comes to streaming video on the iPhone. But archrival Hulu hasn’t jumped onto the iPhone wagon just yet, giving Joost a little exclusive air for now.

Several users in different parts of the world are reporting issues playing videos, however, so it may be worth thinking before grabbing the app (though it is Free). Some are reporting network errors or videos dropping after a few minutes, while many others say the app works fine. It could be a network or geographic thing. Anyway, Joost is aware of the situation and is working to fix it.

Still, when the app settles down and works properly, it will be a very strong addition to the iPhone and its content. Lots of great shows to watch while wiling away the hours on a plane, and should push Hulu to come out with something soon.