Gameloft is set to bring a new shmup called Siberian Strike to the App Store. If Glandarius Wing Strike, which was covered earlier, is similar to Xevious then Siberian Strike is more along the lines of an HD 1942.
You get to choose between three planes in Siberian Strike: R-51 Thunder, P-69 Conquest, or B-87 Sicarius. Touch control moves the aircraft in all directions. As long as a finger is touching the screen, continuous fire will spew forth from your plane's guns. You can also take the fight online, although the multiplayer seems to be limited to local WiFi.
Siberian Strike has already seen releases on PC and earlier mobile phones. The iPhone and iPod Touch version will go live on the App Store in two weeks. Check out this video of the PC version, which has the most similar gameplay to the iPhone and iPod Touch version.