I own this game for my Wii, downloaded it off the Virtual Console (Wii Ware). Honestly I love it, it does exactly what I want it to do. It's got a few bugs (the iPhone version) of course. Heavy load time to get the game running, and it is most surely a memory hog so be prepared for a game crash or two (I'd suggest rebooting your phone before you play it). When the game starts there's very little problems from there out, save a bit of refresh lag. I'd say that considering I paid about $10 for my Wii version, this portable version is well worth it. If it's not totally your thing (quiz/trivia games) then wait for it to drop in price, but definitely give it a shot eventually. My only real gripe with the game is the character creation screen (why can I not change my goatee color?) and some of it's limitations that should really be no brainers. With such cosmetic complaints, most of which I'm sure will be resolved in the coming weeks via updates, I think this is a great and fun game to pass the time.
As for the online mode, I've yet to try it, but single player versus the CPU is just as fun as I expected it to be. I'll try the online multiplayer today, but if it winds up working as advertised, then this really is a good buy.
I haven't tried the online part yet, but I hope it's a lot better than playing against the computer. I found out early on that all you have to do it pick the answer that you opponents picks. At least two of them, if not all three, will pick the right answer. You can get every answer right without ever reading a word.