Consider yourself late to the party, I have where this is concerned. Reading the launch issue of UK Wired there was a short piece on iPhone development. iShoot has earned the writer/coder of the app over $500,000 (he quit his full time job oddly enough).
Keep it simple and keep it niche, but time is running out once the novelty starts to wear off. iPhone apps are coded in something called Objective C (one language I don't know) but can also be cross compiled from java code from what I'm reading around the web.
If you don't mind a steep learning curve and want to get cracking, well now's a good time.
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