The Final Four meets the iPhone.

MobiTV portable video service debuts on Apple's ( AAPL) iPhone Thursday, and to kick off the new service, it has come up with a blockbuster event.

The new wireless system -- in a partnership with CBS Sports ( CBS) -- will provide live, Wi-Fi video coverage of all 63 games of the NCAA Division I Men's Basketball Championship from March 19 through April 6.

Live game action is only one element of this new software. It also features previews of upcoming games, highlights of completed games and breaking tournament news over both 3G and 2G connections (game audio is also available over 3G and 2G). Reading between the lines, it seems that watching the live programming on an iPhone is best experienced over a Wi-Fi connection. Of course, that's a moot point on the iPod Touch.

The application also delivers what MobiTV calls a "game-changing user experience," with a "clickable" tournament bracket showing all tournament teams, allowing viewers to touch any current game to launch live action.

The new service is available on the iPhone and iPod Touch. The application is priced at $4.99, available now in the Apple iTunes app stores.

This marks MobiTV's first offering on the iPhone. It has more than 6 million subscribers using the services on more than 350 handset models.

Disclosure: TheStreet.com is a content provider for MobiTV's Mobi4Biz.

Gary Krakow is TheStreet.com's senior technology correspondent.

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