Well according to Opera's Jon von Tetzschner the company is not just working on an iPhone version of its browser, but that it doesn't anticipate Apple having any problem with it either. "Our expectation is that Apple will allow it," von Tetzschner said. "Why will they block ours?" My response to this would be simply, why wouldn't they block it? Apple has a pretty strict policy when it comes to app's that duplicate native phone functionality, but I suppose only time will tell.
Maybe Apple wants to get ahead of the anti-trust wrecking ball then inevitably hunts down anyone who tries to shoehorn web browsers into monopolistic markets, but I wouldn't count on it. Expect to see a release notice, or angry blog posting from Opera within the next few weeks.
Source: Maximum PC