Raanan has outlined the near future of the WordPress for iPhone app. The most interesting part though? The source code for the app is now available at http://iphone.svn.wordpress.org/. You can also browse the repository via Trac at http://iphone.trac.wordpress.org/browser.
If you’ve found a bug or have a new feature to suggest, go file a new ticket. User authentication is done with WordPress.org accounts.