There are a number of third party offerings which provide a iPhone look and feel for the Microsoft development environment. Such alternatives usually require that any deployment must run within the iPhone based Safari browser. Unlike these third party offerings, Novell (a name from the past) is offering a product named Monotouch, which runs on a Mac along with the iPhone Development SDK (Cocoa Touch, Objective C, etc) and Monotouch wraps the iPhone framework APIs such that .Net C# can be used as the development language. The Monotouch user must continue to be a member of the iPhone Development Program.
Not sure if all the effort of learning all the restrictions of interfacing .Net and C# as an iPhone Development SDK wrapper would be worth the effort, but clearly it is worth consideration. After careful study it may be that the only reason for considering Monotouch would be for those in the Development community who are simply opposed to learning Objective C.