.net on the iPhone?
There is a little project called Monoobjc which is a mono to Objective C bridge that allows you to use the native Mac OS X libraries in .net code on the mac.
That is pretty cool, but one of the features is to allow the .app folder to contain the mono dll’s that it needs and execute with out the mono runtime installed.
So if you take that one step further, it should be possible to build an iPhone app, the same way and just bundle the mono code along for the ride.
So I wonder how long it will take until this happens, my bet is someone will do it in less than six months.