UPDATE: The Bananagrams game for the iPhone is now available! See this post for details.
One complaint my friends have had about the online version of Bananagrams is that the interface differs from real life play.
For those people I have good news:
According to the Bananagrams Twitter stream, there is a version of Bananagrams coming for the iPhone.
UPDATE: Here is a more recent post with a little more information on what the iPhone app will look like.