You most likely already know....
1) How to get compressed frames and audio from iPhone's camera?
You can not do this. The AVFoundation API has prevented this from every angle. I even tried named pipes, and some other sneaky unix foo. No such luck. You have no choice but to write it to file. In your linked post a user suggest setting up the callback to deliver encoded frames. As far as I am aware this is not possible for H.264 streams. The capture delegate will deliver images encoded in a specific pixel format. It is the Movie Writers and AVAssetWriter that do the encoding.
2) Encoding uncompressed frames with ffmpeg's API is fast enough for real-time streaming?
Yes it is. However, you will have to use libx264 which gets you into GPL territory. That is not exactly compatible with the app store.
I would suggest using AVFoundation and AVAssetWriter for efficiency reasons.
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