There has been a VMware View Client for iOS for a while but you had to run it on your iPad as the iPhone was not supported. This has changed recently! VMware has released a iPhone compatible client to the Apple AppStore and you can download it for free. The new iPhone client supports the 3GS, 4 and the brand new iPhone 5 as well as iPod Touch from generation 3 and up.
If you ever wanted to run Adobe Flash on your iPhone, this is your chance.
The new version of the iOS client is universal and does of course support the iPad. The presentation mode is also possible for the iPhone 4.