No formal talks have happened yet between China Mobile and Apple, but there is a buzz on the internet about it. Wouldn’t it be cool? The iPhone in China? Not only for Apple, but for all the developers of apps for the iPhone!
Something developers would have to take into consideration is the usage of regional settings in their applications.
But this is a small problem compared to the potential.
One possible drawback here is the price of the phone. How many people in China could afford it?