I used gstreamer on the server (running voyage linux). This was part of a larger script that did some tests to make sure the camera was present and setup the client host IP dynamically. My ROV was actually a DHCP server, so it assigned the client's IP, but these snippets work without all that complexity.

$ gst-launch v4l2src device=/dev/video0 ! videoscale !  video/x-raw-yuv,framerate=30/1 ! ffmpegcolorspace !  jpegenc !  tcpserversink host=192.168.1.6 port=35890

You can easily test this on a client with this command. Here "host" is the server IP

$ gst-launch tcpclientsrc host=192.168.1.1 port=35890 ! jpegdec !  autovideosink

The actual client was a python/GTK application, here's the relevant code:

You'll need gobject, gtk, and pygst. See the gstpython site for more documentation:
http://gstreamer.freedesktop.org/modules/gst-python.html

    class RovGui():

        def __init__(self):

        # snip #

        # setup remote camera stream
        self.player = gst.parse_launch("tcpclientsrc host=" + self.rov_server_ip + " port=35890 ! jpegdec !  autovideosink")

        bus = self.player.get_bus()
        bus.add_signal_watch()
        bus.enable_sync_message_emission()
        bus.connect("message", self.on_message)
        bus.connect("sync-message::element", self.on_sync_message)

        self.player.set_state(gst.STATE_PLAYING)

    # handle messages coming from video thread
    def on_message(self, bus, message):
        t = message.type
        if t == gst.MESSAGE_EOS:
            self.player.set_state(gst.STATE_NULL)
        elif t == gst.MESSAGE_ERROR:
            err, debug = message.parse_error()
            print "Error: %s" % err, debug
            self.player.set_state(gst.STATE_NULL)