CBS Sports has created an iPhone app that allows you to watch the Men's NCAA Tournament on your iPhone. Follow the link for more information from Gizmodo.
This isn't the best of news for CBS affiliates. Applications like this keep eroding the viewership of the local CBS stations. Granted, if you want to watch the basketball games in High Def, you still can only do that through your tv. However, I bet watching the games in HD via your computer isn't too far down the road.
The cost of the application is $4.99. You can get it at the iTunes store.