In May we already reported that Apple was likely going to approve iPhone Apps with adult content when iPhone 3.0 OS became available. MacEinstein (via Techmeme) reports that the first Adult iPhone app is available in the iTunes store.
Update: Apple removed this App, still no Porn for the iPhone allowed
Hottest Girls offers 2,200+ photos of sexy Bikini Babes and Lingerie models. You must be at least 17 years old to purchase this iPhone App featuring some nudity.
This is just the first, but be sure that there will be tons more adult iPhone Apps soon. This will become a huge segment of apps for the iPhone that will generate a big chunk of the overall sales of iPhone apps.