Interesting, but seems a little impractical. The beauty of something like an iPhone (not that I have one) is that you whip it out of your pocket, start shooting, and have your video sent while your competitors are still setting up their tripods.
I can't imagine that you're carrying your phone in that mount, or that you'll take the time to put that thing together with a lens out of your bag instead of just jumping out of the car to start shooting.
Of course someone will probably kick my butt with one of these the time I'm at a fire scene.
This is cool. A lens mount for iPhone. Could be great for spot news.