Sounds like you want to play a different KIND of game than is now possible
It also sounds like you think only EA has the iPhone SDK. Far from true--it's a free download. EA will be a drop in the bucket--and Japanese companies have already shown iPhone games too (Sega). Meanwhile the indie developers--who have tons of Cocoa experience and unique ideas--will bring the biggest wave of games.
And old-school button-mashing games are all very well... but I can't help remembering that once upon a time, pre-mouse, no PC gamer would have done without a joystick. Now, joystick driven games are but one of many categories. (Ask a Wii owner if button-mashing is still their favorite kind of game.)
The iPhone's strengths are DIFFERENT ones than past game handhelds. Not the same ones. Inflexible permanent buttons, tactile and predictable, are a strength for many games, I won't deny. But the iPhone has strengths too. The iPhone games that will be great (as with the Wii) won't be the same-old kind of interaction.
Tilt will be great for certain games but mostly just a minor novelty (because moving the screen you look at is not ideal). Multitouch will be huge. I like the vibrate potential too, but not on the Touch.
But the biggest factors that will make game sales take off for iPhone (and iPod touch) are more boring: it's got a super-simple means of acquiring games right on the home screen (don't underestimate that), it's got a very BIG touch screen in a very SMALL package, it's got powerful hardware (performance AND WiFi), and it's selling like crazy even WITHOUT games. Instead of a chicken-and-egg scenario, therefore, we have a huge mound of eggs, all ready to hatch.
As developers get used to the iPhone, we'll see (just like with Wii) some hard-to-play shovelware and a lot of really great games too.
And we won't have to lug a DS to play--we'll be able to play ALL the time, right on our phone or iPod. No game handheld is worth anything on the days you leave it at home.