The transmission of fully compatible H.264/AVC multi-view video coded streams over packet erasure networks is examined. Macroblock classification into unequally important slice groups is considered using the flexible macroblock ordering (FMO) tool of H.264/AVC. Systematic LT codes are used for error protection due to their low complexity and advanced performance. The optimal slice grouping and channel rate allocation are jointly determined by an iterative optimization algorithm based on dynamic programming. The experimental evaluation clearly demonstrates the validity of the proposed method.