Maybe. Who knows! Unity Technologies, the guys behind the Unity 3D engine, which while being a regular engine is also able to be run in a web browser (see Velociraptor Safari), have announced that it's been licensed to make an appearance on the iPhone. Sure, it'll help devs who want to make cheap, good-looking games for the format, but colour me disinterested (on the move AND the iPhone) until I can pick an iPhone up and do naught but run down some feathery raptors on public transport.
Unity 3D Engine To Support iPhone [GamesonDeck]