Rake in Grass recently released their latest iPhone game Undercroft, an old-school styled turn based RPG. The game has been receiving only positive comments in the release thread.
The developer describes the game:
Undercroft is a dazzling, epic adventure set in a fantasy world full of magic and monsters. It combines the atmosphere of classic role playing games with plenty of new features, and brings it all together with cool graphics and sophisticated level design.
The game features multiple environments, hundreds of items, and over 20 hours of gameplay. The developers have provided a lite version to try which will give you a feel for the game before committing to the full version.