After using Tversity for quite some time to stream my media to my Xbox 360 over my local network, I decided I wanted the same functionality on my iphone.
This is how I did it:

Logged on to my wifi with my iphone and pointed safari to: 192.168.2.10:41952 which is the ip address of my tversity windows server.
41952 is the port that the tversity mediaserver listens on.

I was then shown a nice and easy to navigate web interface to browse through all my folders.

After locating a basic xvid tv show I selected “Play in Media Player”.

The iphone loaded the media player and seemed like it was going to load the movie but then this error popped up.
“This movie format is not supported”.

I searched and searched for a solution to this but found none so I transcoded a video file using one of the many ipod touch video converter programs and added it to my media in tversity.

When I browsed to this file in Tversity and clicked play it worked.
It’s kinda a pain that Tversity can’t handle converting these files on the fly but it’s still useful to watch videos on my mobile