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Learning management system startup Schoology has released an iPhone app (iTunes link). Via the app, students and teachers will be able to manage classes, assignments, grades as well as participate in discussions and communicate with each other. Teachers will be able to create assignments, events, and discussions from within the app.
I wrote about Schoology for ReadWriteWeb back in October, noting that Schoology's vision for the LMS looks a lot more like a social network (like Facebook, frankly) than it does like a 1990s BBS (ah, the persistence of the online "forum").
The iPhone app, like Schoology, is free. (You'll need a Schoology account, however, in order to be able to use the app.)