I played around with this a while back on my iPhone using LogMeIn and also Splashtop over WiFi. Best I got was about 5 - 10 FPS with all resolution and quality settings at minimum. Auctioning in EC was about all it would be even remotely useful for. Couldn't even walk due to a bug that kept any of the bound walk keys from working. This was the case with both apps, so it must be something on the Windows or EQ side. Autorun worked, but couldn't turn or even hardly look around due to lack of calibration of the touch controls for mouse look simulation.
It has been about a year since I tried though, so maybe things have changed by now.
Here is the thread by a guy who apparently got it pretty playable on a Droid. Many similar concepts apply to the iPhone.
http://www.project1999.org/forums/sh...ighlight=droid