Find a way to edit FLV is a problem for many.
Recording .mp4 is much easier to deal with since you can edit with FCPX on Mac or Adobe Premiere Pro on Windows or Mac and probably several other modern NLEs as well.
Ustream records to FLV? Yuck if that's the case.
When I stream to Livestream with H.264 and do a server record, it's mp4.
No one should be recording FLV with H.264 source (as per Adobe's own recommendations). VP6 is FLV (or very old Sorenson).
You could re-encode the FLV but that would generally be some quality loss. You might want to double check to see if it's really H.264 in FLV wrapper (you can use the free MediaInfo to check). If that turns out to be the case you can experiment with changing the extension to .mp4 (which may or may not work).
International Association of Internet Broadcasters - IAIB
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