The presented solution makes it possible to record/save or directly watch ustream streams. And all entirely without flash.
See: ustream_recorder.sh
sh ustream_recorder.sh "http://www.ustream.tv/channel/adafruit-industries" /tmp/test.flv
This call records the supplied ustream channel to /tmp/test.flv. If there is currently no live streaming, the script will exit without writing anything to /tmp/test.flv