A "true" high dynamic range image would be one that contains more dynamic range, and subsequently be editable in image programs that can edit HDR imagery, as RAW or floating point image data.
The iPhone does not generate HDR images. It combines multiple exposures in a way to bring out more information, but generates a plain old JPEG as a result, which is NOT a high-dynamic-range image format.
You Sir have got it all backwards, I'm sorry to say. *s* First of all, there is no such thing as a particular "HDR file format". Whether it is JPEG, RAW or some other fileformat doesn't have anything to do with it. You may save an HDR photo as JPEG, no problem there.
HDR IS about combining multiple exposures to draw the extra data out of an underexposed and an overexposed photo, and adding it to the normally exposed shot. Which is exactly what the iPhone 4 does in iOS 4.1. Only it automates the proces, and does it so fast that you don't even notice that is has shot three different exposures and combined them into one HDR image!