I also don't really see much point in porting SRB2 to the iPhone, other than to have it handy to play even when you're NOT sitting at a computer, isolated from all real human contact (sorry, no more editorials). And there are some problems that would simply be insurmountable.
For example, even if we port the controls over, as I pointed out in my previous post, they're going to be awkward to handle. A game as fast as SRB2 is really tough to control when playing on the iPhone or iTouch (check out their version of the original Sonic the Hedgehog as an example). For another, there'd probably be no way of adding WADs to the iPhone SRB2, so if you want to netgame over the iPhone with computer-using SRB2 players, your server choices are going to be severely limited. And while we're on the subject of netgaming, online play might work well on the iPhone, but it would be a nightmare on the iTouch. I can't speak for everyone, but I (and some people I know), have to positively wrestle with the iTouch just to get a minute of wi-fi access.
Also, you mentioned OpenGL functions. OpenGL in SRB2 has always been crude, and especially since the release of 2.0.X. I can deal with the glitches on the computer, because there's so much else that's great about the game, but I'm somehow not sure it'd be the same on an iPhone, given that there would have to be some other sacrifices too.
Maybe some of my fears are unfounded. I don't know enough about the inner workings of the iPhone and iTouch to speak with authority. But I'd certainly like those issues addressed if we are to see an SRB2 app.