The wait is now over… Mobile Colloquy has now launched for iPhone and iPod Touch running firmware 2.1 or higher. You may now buy your copy for $1.99 (Support the developers after all they put lots of work into this great app).
Here is a paragraph from my review post i wrote earlier (Read review post with screenshots).
Mobile Colloquy is a pretty solid feature complete IRC client for iPhone OS 2.1 or newer. The interface is simple to use and is easy on the eye. It features : Visual styles just like the desktop version, mIRC colors/formatting support, graphical emoticons provided you are running iPhone OS 2.2,multi network support,auto ident to nickserv, easy to understand error messages,auto joins,secure SSL connections, room & text encoding, and much more. Based on what it provides id say its fully worth it 🙂 .
You can check it out @ http://mobile.colloquy.info