I have an iphone 3G and a Bold. When I recently upgraded the firmware of the iphone from 3.01 to 3.1, the upgrade trashed my wifi capability. Apparently this is a known issue that Apple has been keeping very quiet about and it has been occurring to hundreds of users from the 3.0 upgrade onwards. They don't know how to fix it, so the problem "does not exist!
So the iphone browser is good if you are one of the lucky ones whose iphone can access wifi networks.
A fairer comparison would be to compare the iphone to the new Storm because the full screen makes a huge difference in browsing capabilites.
and as obentu says . . . .the Bolt Browser is very good!