So it turns out that you won’t be able to run third party applications on the iPhone after all. That is a big shame indeed.
Check out TUAW:
“The OS isn’t going to be “OS X for real.” It’s more like a pseudo-OS X and, like the iPod, it will not have a public API and open development.”
This is a real let down. No Garageband for iPhone, no pocket Logic.
Perhaps things will change in the future, maybe they’ll open it up at a later stage. I can hope about that can’t I.