PrimateLabs compiled their Geekbench benchmarking application over to the iPhone and posted the results:
Blowfish: 104
Dot Product: 16
Memory Allocate: 168
Memory Copy: 113
Stream Copy: 110
Stream Scale: 39
Stream Add: 34
Stream Triad: 10
Scores are normalized against a PowerMac G5 1.6GHz machine which gets a score of 1000 on each test. Higher numbers are better. The iPhone has 128MB of RAM and a Samsung ARM processor.
It's hard to draw any firm conclusions given the limited number of benchmarks present in the current build of Geekbench 2 for the iPhone, but it looks like the ARM CPU performs reasonably well (around 10% the performance of a Power Mac G5 1.6GHz at the best of times), especially considering it's a processor for a cell phone. After all, no ones going to be running Photoshop on an iPhone!