I've not yet been able to get a video to play on the iPhone, and I'm assuming it has something to do with the if statement encapsulating the PlayMovie command. My iPhoneStreamingAssets folder is next to the Assets folder in the main file structure.
Here is the code I'm using:
if(GUI.Button (Rect ( (Screen.width*( (button_locX+5)/10)) - (button_sizeX / 2), (Screen.height*((button_locY+move+.2)/10)), 80, 35), "Preview") )
{
iPhoneUtils.PlayMovie("jump.mov", Color.black, iPhoneMovieControlMode.CancelOnTouch);
}