Thanks for a fellow Waver, JAG, found out we can access Google Wave using the iPhone.
It appears to work. And it updates real-time (as it should), just like using in a PC/OS/X/Linux browser.
The first thing you'll want to do is go to wave.google.com via the iPhone's web browser
You'll want to Zoom in on the image at the center of the page and select the 'go ahead' link.
You'll then see the Google Wave page.
A couple of screen shots of an open wave.
If a fellow Waver is editing the wave you have open, you'll see it update in real time.
Make a Shortcut to the iPhone's Home Page to access Google Wave
Screen shot of the Google Wave on the Home Page