I got a chance to play a near-complete version of it today; it looks great. Fans of the series will recognize the SimCity 3000 look and feel, but the addition of touch screen controls makes sense for things like zoning (creating a certain type of building zone). Using the multi-touch capabilities of the iPhone to do things like zooming in and out of your city also makes the game a good fit for the device.
I should note that there were some loading time issues in the demo I tried. But EAs reps assured me that these were being ironed out and that the game would run smoothly before it launches in the App Store at some point in December. The price point for the game is expected to be $9.99.