I tried using a Dell Axim X30, basic model, no Wi-Fi, limited processing speed (312MHz) and not much memory (32K RAM, 32K ROM) running Windows Mobile 2003 2nd edition. The wifi connection was made with a Sandisk Connect SDIO card.
No luck though, but I think my problem might be the limited specifications of the PDA which seems not to have enough memory to run VLC. All I managed to do, was control the Dreambox via the web interface and download and display the screen image.
you can take in a broadcast via vlc and rebroadcast it at a lower bitrate like gov400 said of 400kb/s, depending on what media player your using (for example vlc for pocketpc) and its supported codecs, you could use a decent compression codec, so you could get a fair enoguh picture.