Someone has posted what he claims to be a video of Crash Bandicoot Nitro Kart running on the iPhone. If it is the game, and not just a video playing of gameplay playing on the device, it looks like you steer by tilting the iPhone and pick up and use power-ups by touching the screen. The game actually looks like it could be quite a bit a fun. And it doesn't look like it would suffer from a player's beefy hands blocking the screen during play. Of course, it could just as likely be a fake.
Update: Polarbit is publishing the game. Still no idea if this video really shows it off though.