Justin.tv revealed today that they’ll be inviting people to a Private Beta of CamTweet, but they may be too late. Moments ago TwitCam was launched, which covers all the same functionality promised by CamTweet.

After seeing a demo version of CamTweet running at TechCrunch‘s Real Time Stream CrunchUp, it took the Livestream team 10 days to develop TwitCam. Pretty amazing I think you’ll agree.

The website is such a beautifully simple design, and is certainly set to stand out against its competitors. No doubt UStream will have to release a Twitter streaming service, to keep up to date.

What TwitCam does is create an easy 3 step broadcasting tool, that centralises the Twitter community around your stream. After logging in, all the chat/comments are posted to Twitter with a link to your stream – keeping the conversation going and bringing in more viewers in return.

Does this show that the old ‘Private Beta > Beta > Invite Only > Public Release’ method of launching websites may be outdated? We think so. In the Internet 2.0 it’s not only about getting everything you want for free, but it’s about getting it now. With such talent developers out there, and all the great APIs, there’s really no excuse for websites to be taking months to launch. Of course it also depends on your marketing strategy.

We’re not sure how long this stream will remain live, but if you tune in now you can watch Max Haot (CEO Livestream/TwitCam) launch stream from New York.