It is highly unlikely that an iOS version would get store approval. Maybe one for jailbroken phones, although the benefits of this type of app would be limited (meaning a JB version).

As in, mining on iPhones?  LuLZ! 

a bitcoin app for iphone would be awesome but until then you can just use mybitcoin.com

It's already written.  Apple rejected it on the basis of "alternative currency".
It was open sourced and can be found here:

https://github.com/udibr/bitcoin/

Instructions for building it in XCode are here:

https://github.com/udibr/bitcoin/blob/master/build-iOS.txt

You'll have to ask Apple that.  Apple feels that a PayPal application is dealing in US Currency (so it your bank app).  A Bitcoin application deals in an "alternative currency" and they've been cracking down on those including the ones in video games, etc.

Doesn't stop someone from releasing one on the Cydia Store, but you'd have to jailbreak to use it.

It isn't.  That has nothing to do with the reason it was rejected.  In fact, the author asked Apple to point out the issue in the ToS and they didn't.  They can reject apps for any reason, including they don't like you.

It won't.  Apple doesn't care who submits it, they care about how the client is used and what it's doing.

You can read the entire thread here:  http://forum.bitcoin.org/?topic=5550.msg107980

I think does matter who, at least if you're really big. See how they rejects all apps featuring women showing anything more provocative then their ankles and calling it porn while accepting sports illustrateds app. In this case it probably won't matter though until the bitcoin-community grows a lot bigger. So for IOs it's probably better make a cloudbased system which would be out of Stevies reach.

Agreed.