Silicon Valley startup mSpot has launched a native iPhone app that allows users to rent and stream movies directly to their devices over 3G or Wi-Fi. Prices range from $1.99 to $4.99 and the rentals are good for a 24-hour period. The mSpot library at launch consists of about 900 titles from such studios as Universal, Paramount and Disney.

One interesting feature of the app is the ability to start watching a film on your iPhone, pause it, and continue watching on your computer or vice-versa.
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Would you be downloading this app for your iPhone, Insiders? How long before rivals launch their own competing apps that allow you to skip the wait to download a movie and stream instantly?
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(via MobileCrunch)