At the Mobilize conference in SF, Trism Developer Steve Demeter just revealed that the revenue for Trism had reached a quarter of a million dollars over the last 2 months. If this is true, the monetization potential of the iPhone is huge - even larger than the earlier revelations by Tap Tap Tap.
This makes sense to us. Unlike Facebook apps, which have a low perceived value, iPhone users are willing to pay real money for their favorite applications. The App Store provides the critical one-click transaction mechanism to make this possible. We believe that games will be one -- but not the only -- killer category. Its surprising that more VC dollars are not flowing into this area