Just setup a dev environment this morning with the iPhone SDK ... overall it is quite disappointing for games :-). OpenGL ES is not supported in the emulator but you can't run apps on the iPhone without OS 2.0 ... and this is not realeased so far. In other words, they have OpenGL ES examples but you can't run them anywhere. I hope I get access to the 2.0 file system somehow. Other than this I have now the old and the new SDK setup on one machine and it works nicely.
Now I have to wait until I get access to the iPhone OS 2.0 ... what a pain.