I just found this and it has INCREDIBLE reviews to include some recoding / programming options with new and constant development and customer support. I'm getting it!
www.ivini-apps.com/apps_detail_bmwhat_iphone.html
I also just ordered the WiFi dongle connector required for iPhone from Amazon and paid for next day delivery.
Amazon.com: LYLŪ WIFI Wirless OBD2 Car Diagnostic Reader Scanner Scan Tool for Iphone iPad iOS PC: Automotive