Hi Sheraz,
Currently using "Dreambox live" on my ipad2 (and briefly tested on my wife iphone 4s, both on ios 5.0.1), had to build a new bouquet with SD channels only and it works like a charm with my ultimo (not at all with the tgs100). Looking at TV away for your home might be difficult though, your dsl up link might not be enough to support the few Mbps required bandwith. The app propose 3 video quality choices but my wild guess is that it is only dropping frame during decoding.
Cheers, Pilou.