Pretty sure it is legit.

I use it to watch:
NASA TV:
http://www.ustream.tv/nasahdtv

and Leo Laporte TWIT (this week in tech) show from time to time.
http://www.ustream.tv/leolaporte

I watched it a couple times. The Occupiers would livestream from their hobo camps every time they tangled with the cops. It was kinda interesting. Every hippie with an iPhone and Ustream account was screaming about freedom of the press. I'm not sure if it's journalism, but they often got some great footage that made the national news.