The verdict: GTA: CTW is great on the iPhone.
I was a bit anxious about spending $10 for a new game for my iPhone 3G, but after being assured that it had the same content as the PS3 version, I decided to take the plunge.
I was greeted almost instantly with a cut scene explaining your character, and putting him in a pretty interesting situation. The writing is very sharp, with jokes sprinkled in throughout. I had a bit of a QTE (quick time event) where I had to break open the window of a car that was underwater. The game's PDA is very easy to use, and is incredibly fast and slick. The radio stations have generic genre songs, that do a good job of setting a tone without being a stage stealer. (you can listen to your own music, of course).
I won't get too into the story, as it is the same stuff from the previous releases, but it is engaging with a great art style and writing.
Now, how about those controls? Walking around feels fine, camera is a bit wonky at times, but it hardly bugged me while I was driving, only when walking through alleys and such.
Speaking of driving, it feels pretty good, the steering is forgiving, and you can still pull off some drifting turns once you get used to the controls.
The quicktime events work well with your finger, although sometimes they cry out for something more precise than a finger.
I bought the iPhone version because I do not own a DS or PSP, but the iPhone version is a great game, and sets the bar for future large titles.