Using PyQt4 and OpenCV, runs a thread to suck in a MJPEG stream and display it in a text label. Based on an orphaned solution at http://stackoverflow.com/questions/35103302/what-is-the-best-way-to-display-a-videostream-in-pyqt4#35316662

camView.py

import sys
import cv2
from PyQt4 import QtGui, QtCore, uic

class videoThread(QtCore.QThread):
    # Requires IP address of streaming server
    def __init__(self,address):
        super(videoThread,self).__init__()
        self.ip = address

    def run(self):
        # Create a capture object using the IP address specified at init.
        cap = cv2.VideoCapture("http://"+ str(self.ip) +
            ":8081/?action=stream?dummy=param.mjpg")
        while cap.isOpened():
            _,frame = cap.read()
            image = QtGui.QImage(frame.tostring(),1280,720,QtGui.QImage.Format_RGB888)
            self.emit(QtCore.SIGNAL('newImage(QImage)'), image)

class MyWindow(QtGui.QMainWindow):

    def __init__(self,template):
        super(MyWindow,self).__init__()
        uic.loadUi(template,self)
        self.video = videoThread("192.168.1.150")
        self.video.start()
        self.label.connect(self.video,QtCore.SIGNAL('newImage(QImage)'),self.setFrame)
        self.statusBar().hide()

    def setFrame(self,frame):
        pixmap = QtGui.QPixmap.fromImage(frame)
        self.label.setPixmap(pixmap)

if __name__ == '__main__':
        app = QtGui.QApplication(sys.argv)
        window = MyWindow('~/PyQt4/template.ui')
        window.setWindowFlags(QtCore.Qt.FramelessWindowHint)
        window.show()
        sys.exit(app.exec_())