We've been following Tasty Poison Games' Pocket RPG thread in our forums for quite a while now, and Crescent Moon Games just announced their intent to publish the game. Crescent Moon has quite a bit on its plate right now with a massive list of both recently released games and upcoming titles, but it's hard to not get excited over the potential of Pocket RPG, especially with the Crescent Moon team onboard.
The name of the game in Pocket RPG seems to be complete randomization, and is designed for games to have between 20-30 minutes of randomized dungeon crawling before starting over again. Three classes are included, each with a different play style and user interface. The Blade Master turns the game in to a melee-heavy hack and slash, the Dark Ranger behaves more like a dual stick shooter, and the Battle Mage plays similar to Solomon's Keep [99¢]. There's a combo system with damage bonuses that stack as you slay more and more enemies, and I've been told there is tons of looting.
The loot you equip changes your characters stats and weaponry, resulting in tons of different possible combinations. An example we were given includes a Blade Master picking up a fire sword with a vampiric ring, a ring of strength, and a ring of cone damage. After placing a rune of speed on the fire sword you would be swinging like a maniac, spewing fire everywhere, doing extra damage, and sucking hit points with every attack... That is, until you meet up with a fire monster. Then, attacking will heal them.
Pocket RPG, oddly enough, will likely launch first for the iPad. According to the developers, iOS 4 on the iPhone 3G caused too much of a performance hit for them to release the game without further optimization. Regardless, both versions of the game are still in development and they hope to launch before Christmas. I love randomized games like this, and really can't wait for the discussions on our forums regarding which magical effects are best to stack for each class.