Ask HN: iPhone Audio Streaming Dev. Looking for Insight

I am looking into developing mobile apps for our startups and want to start with iPhone for obvious reasons. I am one of the founder of electronic dance music audio streaming service (Mugasha.com) and I think find that building a mobile app will really add value to our service.

I have never done any major development for iPhone before and looking to get started. I am eager to learn but I need some direction in terms of hot to tackle the streaming problem. So here are few questions I have

Have any of you dealt with building a streaming media app before? What are the challenges/things to be aware of while dealing with streaming data with a mobile connection. What are the issues when developing a client (audio player), especially for the iphone. What are the options for server side for audio streaming. Currently we use FMS equivalent, Wowza Media server. Too bad iPhone has no support for flash or I wouldn't need to ask all these questions.

Cheers - Akshay