I have been using the IPhone exclusively for the last 2 months and have 60+ finds.
Just today, I went 5 for 8 caches, were the 3 misses were where I gave up because the IPhone just could not get me close enough with its error to exclude numerous hiding spots and my daylight was fading.
I am going to pick up a good GPS for those caches that require more accuracy.
I can only go 8 caches attempts on a single charge. I am looking at external batteries to extend battery life.
Having said all that, I can go geocaching at the drop of a hat while my friends are hurriedly enter coords in the their GPS's and writing up their list of caches together.
I often will leave early for work or early from work to hit a few on the [not so direct] way home.