The free video covers the details of how to start getting acquainted with Xcode and Interface Builder for iPhone development. Dudney actually builds a simple application while guiding viewers through the process of creating an iPhone app.
The video is available at the following URL along with links to several other "pay per view" screencasts sold by The Pragmatic Programmers:
A zipped QuickTime version (.mov format) of the video is here, while a zipped version for iPhone / iPod touch is available for download here.
Bill Dudney is the co-author of iPhone SDK Development and several other development texts. If you want some in-person instruction from Bill to supplement the books and the 'casts, he is teaching a November iPhone programming course in Denver, CO.