Accessing virtual worlds via the iPhone with Pocketmetaverse is possible but there are limitations. Yes, I do have the new iPhone 4 and yes I have downloaded an array of apps to test out my new toy. I have found that I can enter the virtual worlds of both Second Life and Reaction Grid, chat locally and in IM mode, teleport and be teleported, see what friends are online and view profiles, search for people and places, look through inventory, listen to media and even move my avatar, no flying.
The experience is somewhat outer-body, however. On the iPhone you cannot see the action, you cannot even see your avatar beyond a yellow dot among the green dots. A friend told me I was like a zombie, there but not there, not knowing when I was bumped and not being able to interact beyond chat. This access relegates the experience to a web social networking one.
The application is available on the iPad, I have not seen that one in action. If it is possible to view the visuals in the 3D worlds there could be some educational potential to interact in and to consume the virtual world, without that view the virtual world becomes a flat one.