In fact, as of mid-morning Pacific time on Wednesday, it appears that at least one live stream will be available. For how long, however, remains to be seen (more on that later).
Frequently, viewers will find these videos being streamed from sites you've never heard of; they will usually be of poor quality, as the person will be live-streaming from a mobile device (and hoping Apple personnel don't catch him or her). In terms of larger sites, you can often find these streams on Justin.TV and UStream.
One favorite place to go for a live Apple event that isn't being officially broadcast is Leo LaPorte's TWIT TV. While they won't broadcast the live stream themselves, they will comment on what is happening if they manage to find one or more live streams of video and audio (embedded).
Meanwhile, there is at least one Ustream video already set up for the iPhone 5 launch event. That stream comes via a channel named LiveAppleEvents. The legitimacy of that channel is still in question: it was only created on Sept. 12, launch day.
Actually, we'll be honest: the legitimacy of the feed is not in question. It's obviously not an official Apple channel despite the name. Despite that, we'll take a chance: the stream is embedded, anyway.
The latest leaks about the iPhone 5 show it looking similar to the iPhone 4S, but with an elongated 4-inch screen with a new 16:9 aspect ratio. The device is expected to support LTE globally, sport a faster processor, a slightly larger battery, a headset jack moved to the bottom of the device, a centered FaceTime camera, and a smaller dock connector.
The device will also use in-cell touch panels, which will enable Apple to make the screen slightly thinner. It may - or may not - support NFC natively, depending on the rumor you listen to. iOS 6, however, will support NFC and it will have its own mobile wallet feature, Passbook. There have also been recent rumors about a possible fingerprint sensor, but those have been mostly discounted.
Leo LaPorte's TWiT TV