CNN Launches iPhone News and Reporting App

The software also monetizes itself with logo placement and banners for advertisers.

You won't be able to access CNN programming, although you can get streaming video. Here's how CNN describes the app:

NOW you can get live streaming video of breaking news, the most important headlines of the day with location-based news, weather and traffic from the palm of your hands. With the NEW CNN App for the iPhone and iPod Touch, you can also iReport directly from your phone using the phone's advanced photo and video capabilities.

The personalization and ability to save, follow, and watch video (even if I can't watch "Larry King Live") has the potential to make this app a game-changer, even if it does cost money.

At the same time, CNN will be getting content from end users as well: the app allows iReporters to record and submit photo and video iReports directly from their iPhone, as well as get local assignments. Can you imagine how many more iReports will be generated by this app? That alone means CNN will not just be getting revenue and exposure, but could also receive real-time breaking news. Can you imagine how coverage of say, last year's November terrorist events in India, could have unfolded?