The iPhone has changed my life, literally. It's not the most powerful smart phone on the market (on paper), but it's probably the most usable and thus accessible by a long shot.

Unlike a lot of phones, the small form factor of the iPhone doesn't get in the way of getting anything done (on the core applications included, and many of those available on the App Store). If you think about a WAP based site on a Nokia phone circa ~2000, can you honestly say it was something you wanted to use?
The Killer App
Without question, there is one application I use on the iPhone more than any other - an RSS Reader (NetNewsWire, by NewsGator). It's no Google Reader, but that's not the point.....
Dramatic Increase in Feed Consumption
Think about every single instance of your day when you're forced to do nothing - waiting for or in a lift, waiting for an appointment, public transport - everything. Hell, I don't even notice sitting on an exercise bike for 40 minutes now.
Within about 4 seconds of pulling the iPhone out my pocket, these are the moments when I now check RSS feeds - it's no longer a "time wasting" activity I do on a PC when I should be working / something meaningful - I've turned wasted time into useful time (which makes those wait times go sooo much quicker BTW).
The Effect on Your RSS Feed

The form factor does have one small problem those - you're logically forced to browse RSS feed titles before the content / description in each individual item, whether at a feed level, or aggregate level at a parent folder.
I got quickly bored with going from article to article, so found myself being much more ruthless - Just scanning the titles.
I really believe everything hangs on your titles - obscure, cute, teasing or plain weird titles just don't work on the iPhone. I'm now scanning the titles, not just the content - looking for that headline of interest that will draw me into the post.
Social Media Full Circle
Traditional Media Purists are laughing at this point, because this is exactly the model that Magazines, Newspapers and subsequently Media Portals use to draw you in - start with the titles, then let you pick what catches your eye.
The lesson is worth remembering - if the headine doesn't sell it, it's not getting a click - and I've already canned whole subscriptions based on the continual lack of interesting titles.
Is this your experience of the iPhone? How much importance do you think the iPhone has to your site?