According to the release notes, StageFright replaces the OpenCore framework in the GingerBread release. It seems that there have been numerous discussion that says: Apple\'s HTT
Alright, I have found some data and I am going to update this thread by answering my own question. If someone has suggestions or other considerations to bring to table please add.
Stagefrightframework that comes with Honeycomb build supports HTTP Live Streaming. The documentation reads most parts of the draft specification without mentioning explicitly which parts.
The video and audio should conform to media formats supported by Android.
I was able to play content-protected streams employing AES-128 encryption. Though, the performance of the emulator(unfortunately, I did not have the device) was not good. Audio and Video were terribly out of sync. Streaming applications HAVE to be tested on real devices.
You cannot stream your data over https. Also, in order to detect that the stream conforms to HTTPLive standard you'll have to replace "http://" part of the URL with "httplive://"