I was trying to use the LiveStreaming application to stream a video via RTMP. But I realize that it takes the player quite a while to buffer before playing it. Is there a way to reduce this buffer time/size in the Wowza settings?
It is normal. For h.264 video, Flash player needs about 60 frames before it starts playing, so if your video is 30 fps that is 2 second start time (plus server and network factors). You can set netstream buffer to 0 to get around this, but this can have bad side affects.