It's to my understanding newer WM6 devices can do m.youtube.com streaming natively.
On the Treo 700 and some other devices, this is not the case due to lack of RTSP codec support (not even TCMP or CORE will save you!).
Thanks to XDA, HowardForums and duken2389 at TC, this is how it is done.
Download this file
LINK
Inside are 3 more files.
- Step #1.zip: unzip to your device and copy to \Windows
- Step#2- Streaming_210.cab: Install to Main mem on device
Soft-reset
- Step #3-HTC_Streaming_Media.cab: Install to Main mem
Now, when you go to m.youtube.com and click the "view now" link, it should launch this program and stream the content.
It's "OK" quality, and yes no iPhone