Doesn't appear to work on everything. This is watch6 channel of CreativeLive:
https://www.ustream.tv/embed/14313537
livestreamer --retry-streams 1 --retry-open 200000 --stream-segment-threads 3 --stream-segment-attempts 4 -o "watch6 01.flv" "https://www.ustream.tv/embed/14313537" 720p+
Still returns little chunks.