Sling Media has just demonstrated its latest highly anticipated iPhone application, the SlingPlayer Mobile; an application that lets users watch TV on the Apple iPhone, including local channels, local sports teams, video on demand and pay per view.

Using a standard broadband network connection, any channel consumers can watch on at home can be watched via the iPhone. Users can also control their home digital video recorder (DVR) to watch recorded shows, pause, rewind, and fast forward live TV, or queue new recordings while away from home.

The only bad news is that potential users have to wait a bit longer to get their mitts on this ap as SlingPlayer Mobile for iPhone is just now being submitted to Apple for testing and should be approved later in Q1. The price has not yet been established.