That's probably why the iFund people are stepping up themselves to provide a little clarity: they've started an iFundVC blog to explain the whole process and (hopefully) keep us up to date on just what the $100 million is getting them. The first post gets us up to date on who's getting this cash -- apparently ngmoco is one of the groups being iFunded, as is a text-messaging social platform (your guess is as good as ours) called GOGII, and another secret project launching next year.
They also discuss what's gone on with the App Store so far, and say that they're committed to pushing the quality of apps in the store forward. We're all for that -- hopefully in this case, more money will equal better apps. That doesn't always (ever?) work, but somebody's got to try it.