I'm willing to bet this is being discussed elsewhere, but I've yet to see it.

Any news/speculation on what exactly Bethesda is working on for the IPhone?

This is the latest that I've seen, and it's from last August.

http://g4tv.com/thefeed/blog/post/698383/bethesdas-iphone-game-getting-closer.html

hmmm I could see them doing something like that... maybe a new TES Travels game?

If it were good, I'd play it.

http://www.gamesas.com/index.php?/forum/14-oblivion-mobile-%26-the-elder-scrolls-travels/