I just came across a great plugin-Wphone which allows you to access your wordpress admin panel in your iPhone. WPhone allows you to use a custom admin interface while interacting with your WordPress install via your phone.
It contains two versions of the admin interface:
Installation of the plugin:
1. Download the plugin from here.
2. Extract all files from the ZIP file, making sure to keep the file structure intact, and then upload the plugin’s folder to /wp-content/plugins/
3. Log into your admin panel and activate the plugin.
When logging into your account, check the checkbox marked “Use mobile admin interface” on the login form to use the mobile admin interface.