CityBus iPhone is currently in development as part of a Purdue ACM SigApp application. As of now we have a tab-based interface with one tab displaying a MapKit UI with route overlays and the other tab with a UITableView representing the route selections. Certain stops can also be turned ‘on’ via annotations. Touching a bus stop annotation opens a UIWebView to display live data from the CityBus website on a certain stop visit collectiveray.
The latest version requires iOS 4.0+ and uses the latest API for MKPolylines to draw overlays on the map.
Visit the project page here.