As a casual fan of Spike's Way of the Samurai series, I was probably more excited than you were to read that Way of the Samurai 3 was now available on the iPhone. Technically, it is.
And if you're a massive Way of the Samurai fan, loving the series warts and all, you should grab it for your iPhone or iPod Touch. Just a heads up that it's not much more than a modern day LCD game, with a coat of Way of the Samurai 3 paint. It's also free, so expect that you're getting what you're paying for.
Perhaps you'll be more satisfied by simply waiting for the PlayStation 3 and Xbox 360 versions of the game, due out in just a couple weeks in North America. I'll be giving the iPhone app another go on the train, to see if this little promotional app is worth the storage space.