Well, the port has hit the U.S. App Store--at the rather attractive price of $8.99. (Attractive compared to the $19.99 price tag attached to the nearly identical PSP version of the game, at least.)
Anyway, here's a video of someone playing said port:
An iPhone port of Final Fantasy II--aka "the Final Fantasy even the biggest Final Fantasy fanboys should ignore"--is available, too, and also costs $8.99.
I'd probably pick up part one if I had an iPhone or an iPod touch. As it is, I'll probably pick it up for the PSP--if I can find it somewhere for $9.99 or less.
See also: 'You don't say: Square Enix is going to release Final Fantasy I and II *again*'