Probably not. The V-Cast broadcast is probably running on more elaborate hardware than the Slingbox.
The Slingplayer and Slingbox will try to adjust the encoding parameters based on your streaming statistics. If the Slingplayer is on the local network as the Slingbox, then it will push the balance on the performance. However, if the Slingplayer is remote to the Slingbox then it will try to balance the picture quality with the minimum amount of bandwidth. The Slingplayer Mobile clients have more restrictions by placing a maxium threshold on the frame rate parameters, resolution, and bandwidth.
I'm not sure about the values for the parameter thresholds of the Slingplayer Mobile for Andriod software. However, I can tell for the iPhone the Slingplayer Mobile client has maximum of frame rate of 15 per second, two fixed resolutions; 320x240 and 265x192, and the highest bitrate on WiFi is 500Kbps whereas for 3G/Edge it is 250Kbps. Unfortuantely, there's no place to adjust the all stream parameters in the Slingplayer Mobile client like there is in the Slingplayer Desktop.