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In this paper, we analyze the performance of media-aware multiuser video streaming strategies in capacity limited wireless channels suffering from latency problems and packet losses. Wireless video streaming applications are characterized by their bandwidth-intensity, delay-sensitivity, and loss-tolerance. Our main contributions include (i) a rate-minimized unequal erasure protection (UXP) scheme, (ii) an analytical expression for packet delay and play-out deadline of UXP protected scalable video, (iii) a loss-distortion model for hierarchical predictive video coders with picture copy concealment, (iv) an analysis of the performance and complexity of delay-aware, capacity-aware, and optimized UXP streaming scenarios, and (v) we show that the use of unequal error protection causes a rate-constrained optimization problem to be nonconvex. Performance evaluations using a 3GPP network simulator show that, for different channel capacities and packet loss rates, delay-aware nonstationary rate-allocation streaming policies deliver significant gains which range between 1.65 dB to 2 dB in average Y-PSNR of the received video streams over delay-unaware strategies. These gains come at a cost of increased offline computation which is performed prior to the start of the streaming session or in batches during transmission and therefore, do not affect the run-time performance of the streaming system.