Now for iOS you're pretty much covered, there's a few encoding/streaming apps, by far the best one... StreamToMe. It does everything, MP3, Pictures and movies. Everything I've ever thrown at it works, even subtitles and resume. It does need a decent PC to transcode 1080p on the fly though. Fortunately a Quad core CPU or better should cover it.
But Android is severely lacking, until now. From the guy/s that brought the amazing VLC remote control, they now bring us VLC Streamer. Be warned it is a beta programme and as such is still work in progress with a few minor problems. My initial problem was choppy playback, even on my PC it stuttered. So my first impression was poor. But I stuck with it and after an email from one of the developers I changed the playback frame rate from PAL 25 to 23.97 and now it's perfect, even 1080p videos transcode and play so smooth it's like silk on my Nexus 4 screen.
Right now VLC streamer is free, and there probably will be a free version once it's complete just to give you a sample of what it can do. So grab it, test it, give feedback where need be, and when it's finished I for one will certainly pay for this. It's worth it and it's worth the wait.
Some snaps from a film that was encoding and streaming on the fly



