There is actually loads of sites out there, that duplicate the iphone functionality, when in mobile mode. There are other toolkits to make your web more iphone-like. It has its advantages and disadvantages. Most people don't even know what the different is between a web app and an iphone app, so I think it is a reasonably safe bet.
> Most people don't even know what the different is between a web app and an iphone app
Exactly! That is the problem. They don't know your web app is an iphone app. So, they get annoyed when it doesn't have all the functionality of an iphone app. They have higher bar of expectation that a webapp inherently can not reach.
If it was obviously a "web page" then user expectations are much lower and they are likely to be impressed by what it can do.
The key to success is not being good. It's being better than expected.