So what happens when someone releases a functional but extremely slow NES emulator? Two of the finest iPhone hackers spend all night re-writing the thing to make it blazing fast and include multi-touch support. Behold the optimized NES App created by NerveGas with help from NightWatch/Patrick Walton. You can download and run the app today and the source will shortly be rolled into the official SVN. iPhone NES: the game for big hearts and small thumbs.
Thanks to Bricolage and NerveGas
Update: The NES App has been getting updates all day. To keep on top of the updates, check out Nate True's iPhone archive, which is where new updates will appear.