Just downloaded it and tried it out. I had jailbroken my iPhone many months ago specifically to try out emulation on it, and it appears the same guy who did the Cydia
version of the NES emulator is the same guy who got this app into the App Store. If Apple doesn't pull this soon it opens the door for other emulators on the iPhone.
Anyone else tried it?
I thought MacScene was the first to report it but it looks like TouchArcade beat us to it by under an hour. So close...