Become a MacRumors Supporter for $50/year with no ads, ability to filter front page stories, and private forums.
As metioned above in my post. You can not run any iPhone apps! You can develop and run your OWN apps compiled for the simulator!

If I'm wrong show me how you can install an IPA onto your simulator.

EDIT: And you edited your post, haha. It doesn't even say edited though.

Yea, after I posted my original post, I read yours which made my head pop right out of my hind end, so I changed my post to another though ;)
 
Well, they'd need to release a new SDK and get all the app developers to re-upload their apps with "Simulator" binaries included, but yes, they could do that.

My main question is: "What's the point?"

Hey, I was just saying it's possible! I have an iPhone, I don't need it on my Mac. :)
 
Register on MacRumors! This sidebar will go away, and you'll see fewer ads.