Pretty overpriced. I picked up a Bluetooth OBD-II dongle on Amazon for about $20 and it works with plenty of iPhone apps.
I picked of a Wifi version a while back, I purposely didn't get the bluetooth version because I know iOS is limited (unless jailbroken, or an approved device). I am jailbroken, but I wanted one that works regardless.
Yeah it's $70 for this version, but I like the integration with the app from what I can see.