VGC Live streams: http://www.twitch.tv/nuggetbridge http://www.ustream.tv/user/nuggetbridge
Official Masters Finals Live stream: http://www.pokemonworldchampionships.com/2012/updates/article/day3/watch-the-masters-finals-live
Masters Finals estimated start time: 8/12, 8:00 PM Eastern Time 8/12, 7:00 PM Central Time 8/12, 5:00 PM Pacific Time 8/12, 2:00 PM Hawaiian Time 8/13, 12:00 AM UTC
VGC format: -Lv50 Double Battles -Team Preview is on. Bring a team of 6 and choose 4 to battle. -Item Clause and Species Clause are on. -No OHKO, Sleep, Freeze, Hax, Evade, Swift Swim, etc. clauses. -No BW2 Pokemon or moves or anything else. -Event Legendaries and 660+BST Ubers are banned
TCG Format: Modified Format - Heart Gold Soul Silver through Dark Explorers
The Pokemon World Championships started today in Waikoloa, Hawaii! Several of the top players from around the world in both TCG and VGC have gathered together to try and claim the title of World Champion. Today the Last Chance Qualifier tournaments are taking place where the winners will get a chance to play in the World Championship starting tomorrow.
Only the Masters finals are being streamed officially so you'll have to rely on the Nugget Bridge streams for VGC matches. They'll try to stream VGC matches but they don't know for certain if they can yet. The video quality is also likely to be poor but you should be able to make out the matches. They'll be posting VGC updates on their Twitter account at the very least. I don't know too much about how TCG will work. I think The Top Cut might try to stream some matches if they can. They'll likely post TCG updates on their site at least.
The matches tomorrow are Best of 3 and Swiss style pairings are used. The top ranked players will play in the top cut on Sunday which are Best of 3 Single Elimination matches.
Nugget Bridge won't be able to stream matches due to problems with getting internet access. For those with Niconico account (if you don't have one, sign up for one) you can view another stream here: http://live.nicovideo.jp/watch/lv103473053