Recently MicroEmulator have got significant contribution from Markus Heberling. I'm very happy to see iPhone as the next platform supported by the MicroEmulator. The only sad thing is that Java ME code can be run only on the jailbroken devices since Apple clearly states “no interpreted code allowed” in the iPhone SDK EULA.
This code is mostly based on the Android port. It's running on JamVM with the class libraries from the GNU Classpath project. Additionally JocStrap is used for the ObjetiveC-Bindings for the high level Views and straptease http://code.google.com/p/straptease/ is used for the native CoreGraphics access for the IPhoneDisplayGraphics implementation.
Original information about this port can be seen on Markus blog.