I\'ve started my degree project, a mobile application suitable for iPhone, Android and (in the near future) Symbian. The server architecture is the following:
You can definitely do SOAP on the iPhone. Here is a nice tutorial on the subject. After all, SOAP is a HTTP based protocol and you have all the libraries you need to do HTTP on the iPhone.
Having said that, RESTful APIs are simpler than SOAP, so you might want to consider them. They're also HTTP based so you won't have any problems on doing that on iPhone. On the server side, if you use Java, you will have to use JAX-RS to implement that part.
Hope it helps.