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I have this game and I love it.
It's missing a few features, such as exuberant tricks and a career mode, but apart from that, it's definately the first game to push the iPhone to it's technical limit.
This is bourne out but the fact that the iPhone version can only handle 2 opponents, whilst the 2G Touch(with a slightly faster CPU) can handle 4 opponents.
 
I think the ultimate setup for iPhone gaming would be the following:
Have an iPhone stand, and once OS 3 comes out I hope someone will come up with a Bluetooth gamepad for the iphone. So you can play your iphone games with your wireless controller, like PS3 or XBOX360. I think that would be the ultimate iphone gaming experience.
 
Found this game to be a little disappointing and shallow...
Videos made it look great but the gameplay is lacking somwhat

Visuals and framerate are top-notch though...just game needs some refinement
 
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