H.264 video is not supported on iOS devices with RTMP, and I've not seen it work without using the HTTP Live Streaming protocol. Here's a section from the ActionScript reference for NetStream.play:
Special considerations for H.264 video in AIR 3.0 for iOS
For H.264 video, the iOS APIs for video playback accept only a URL to a file or
stream. You cannot pass in a buffer of H264 video data to be decoded. Depending
on your video source, pass the appropriate argument to NetStream.play() as
follows:
- For progressive playback: Pass the URL of the file (local or remote).
- For streaming video: Pass the URL of a playlist in Apple's HTTP Live Streaming
(HLS) format. This file can be hosted by any server; Flash Media Server 4.5 and
higher has the advantage of being able to encode streams in HLS format.