I can create a collection of strmlnks and they link out to the desired app and play just fine. I put those strmlinks into a virtual channel and they do not play from either the Apple TV guide or the iPhone guide. It just sits and spins and spins.
Since stream links are just a reference to another program, they can't work within a virtual channel.
It then seems to be a bug in the interface that when creating a virtual channel those strmlnks are pulled into the view?