Using gstreamer (best so far):
On Transmitter (PI):
raspivid -t 0 -b 2000000 -w 640 -h 360 --framerate 15 --hflip -o - \ |gst-launch-1.0 -e -vvv fdsrc \ ! h264parse ! rtph264pay pt=96 config-interval=5 \ ! udpsink host=172.16.1.22 port=5001
On Receiver:
gst-launch-1.0 udpsrc port=5001 ! application/x-rtp, payload=96 \ ! rtpjitterbuffer ! rtph264depay ! avdec_h264 \ ! fpsdisplaysink sync=false text-overlay=fals
PI Transmitter:
raspivid -t 0 -b 2000000 -w 800 -h 600 -fps 15 -hf -o - | nc 172.16.1.22 5001
On MPlayer Receiver:
nc -l -p 5001 | mplayer -noautosub -nosub -noass -nosound \ -framedrop -nocorrect-pts -nocache -fps 50 -demuxer h264es -vo x11 -
May need to edit $HOME/.mplayer/config file and add the following line: lirc=no
PI Transmitter:
nc -l -p 5001 "exec raspivid -t 0 -n -w 640 -h 360 -o -"
VLC Receiver:
tcp/h264://172.16.1.27:5001