One more rumour about the iPhone can be laid to rest. Apple has finally confirmed that the iPhone will support wireless streaming of video content from YouTube. Which happens to be a perfectly symbiotic relationship - supporting YouTube will mean a more panoramic audience for the iPhone, while being on the iPhone will bring YouTube into the mobile market.

Meanwhile, YouTube has been sprucing itself up for the alliance with gusto. iPhone lovers(?) can now look forward to a bouquet of more than 10,000 high quality videos from YouTube for the June 29th launch. Plus, the videos are being encoded in the trim H.264 format to ensure longer battery life of the iPhone.

Apple also jointly announced that YouTube will be available on Apple TV as well. Methinks this gorgeous alliance might prove to be just what the doctor ordered.