I have found out that Stanford's University have some iPhone development related videos under the iTunes U section. They also had a video on OpenGL optimization specifically for the iPhone delivered by a developer of ngmoco...the creators of several hits on the iPhone including the finger maze game and the topple games. Through this video, I learned about ngmoco's blog. Very interesting.
So I should find some time to implement the mentioned optimizations including
- batching the vertices into one huge array, including texture coordinates and color info rather then sending each object individually
- use texture compression
- use one huge texture
- keeping in mind that I should use less than 24megs texture memory