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It's an original title set in the MGS4 universe, and consists of 8 stages (with the promise of more to be made available later). It's obviously controlled via the touchpad (as opposed to the accelerometer), with a sniping screenshot looking a lot like the iPhone's zoom-in text editing setup.
MGS obsessives will be well catered for, with bonus points accrued through gameplay able to be traded in to unlock stuff like Metal Gear iPhone wallpapers.
It's due for a worldwide release in Spring 2009.
http://kotaku.com/5112011/konami-confirms-iphone-metal-gear?skyline=true&s=x
Cool
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