yes, my iphone works well with a VPS setup (using free VNC server), and ALL functions of MT4 can be controlled as if you were sitting in front of the computer. the only difference is the input interface you're using, which takes a short amount of time to become familiar with. using it over a WiFi connection is best for a fast response from the server. it's a little slow if you have to access it over EDGE, but the functionality and benefits remain the same.
P.S.: If you don't have an iPhone yet, and you're interested in doing this setup, then I would recommend waiting until the release of the 3G iPhone. I regularly access VNC servers from a 3G connection, and it's leaps and bounds faster than EDGE. Quite responsive.
