Update: nervegas has made NES.app v1.1.2 available. Fetch it below & see the CHANGELOG for details.
Its come down to this — NES.app v1.0! Fully optimized, fully functional — it’s the first and only stable Nintendo emulator for the iPhone. Developer nervegas has put in countless hours to perfect NES emulation. We witnessed several release candidates over the past couple of weeks; so keep in mind, if you truly enjoy showing off your pimped-out NES-enabled iPhone, consider donating to nervegas: nervegas@natetrue.com (via PayPal).

NES.app uses a heavily modified version of the InfoNES emulation core to mimic the 6502 processor in a Nintendo Entertainment System, allowing you to play ROM dumps of games designed for the NES console…
NES.app started as a fork of iPhoneNES v0.01, but has been completely rewritten to run very fast, and with many additional features including sound, multitouch support, full-screen, landscape mode, game genie codes, saved games and much more.
See README and CHANGELOG for complete NES.app details.
Download: NES.app v1.1.2
- source: iphone.natetrue.com
Thanx nervegas! keep up the good work. its pretty amazing what u can do with an iphone..
Kickass! now all i need is a Iphone..
will they have this to work on the ipod touch
i think so
HOW TO PUT THIS IN IPHONE
I just got my iphone, its 1.1.2 and i wanna start puttin nintendo,etc. on it. im super lost where do i get started? do i downgrade like da psp, anyone someone ??????