The only one that's even close is Rebirth of Fortune -- basically the same mechanics without the involved story and recognizable characters. It's a pretty sweet deal for .99, though by no means perfect.
Instead of a solid proven title like FFT, SquareEnix released a different one that sucks massive donkey balls (another one of those games that use that failed gimmick of generating crap based off your music library). There ARE lots of SPRGs for the iPhone. I would strongly recommend Battle for Wesnoth (I challenge you to complete everything in two weeks, no matter how hardcore), or Rouge Planet. There's also Mecho Wars which finally has multiplayer.
WHAT ARE THEY DOING?!??! caps was accidentally on, but it deserved to be on... did u see that donkey turd they released? I thought this was Square Enix not like ngmoco's first game! WHERE IS THE EPIC STORY AND AMAZING ART AND CHARACTERS THAT MAKE U SAD WHEN THEY DIE??!
+1 one to that. Song Summoner is SICK! I recommend it highly actually. It works while your not playing it. very unique way of recruiting. Levels up your units by playing songs you made the units out of, Just keep your library on random when your not playing. You can always level them up in game. Very unique title in its own right. Graphics aren't as good as FFT but trust me when i say the content more than makes up for it.