You may have seen that a lot of recent commits in the SVN were related to iOS target. We're adding a new renderer, based from the start on Vertex Arrays, multitexturing is now supported, as trilinear filtering, network, and so on ...
Here's a quickly made small video that shows all this:
720p HD version is available on youtube, perfect for fullscreen
All this is running smoothly, up to 60 FPS at 960x640 for KingHill2. Quite impressive to see, trust me !
Ouille and I are now working on a new data structure for mesh files that will improve loading time on one hand, and that will provide a huge performance boost for the new renderer on the other hand. (ManiaDrive will probably jump to 60 FPS on the iPhone, too, for instance).
Long story short, this is still a work in progress, but the iPhone target for Raydium is now close to what we can call "functional", now !