The good news is that Apple has finally let an emulator on the iPhone. The bad news is that it is so neutered that it might not be that great of a value proposition. As Arnold Kim reports yesterday on Touch Arcade and today on Macrumors, Apple appears to have requested the removal of the Commodore BASIC interpreter from the application which allows running arbitrary code (or any fun stuff).
So you basically get five 20+year old games (Dragons Den, Le Mans, Jupiter Lander, Arctic Shipwreck, and Jack Attack) for $5 (iTunes link). The company plans additional in-app game purchases along the way which may range anywhere from Free to $2.00.
Give us a call when Larry Bird v. Dr. J One-on-One hits.