Does Visual Studio 2010 support iPhone Development?

I believe you can use Mono to develop for the iPhone. You can read more about this here www.mono-project.com/Mono:Iphone

This requires Static compilation, and I've heard the process is pretty difficult at this point. Here is an article that provides some details http://arstechnica.com/open-source/news/2009/01/open-source-mono-framework-brings-c-to-iphone-and-wii.ars

If you are beginning iPhone development similar to myself I'd suggest sticking with XCode and the Apple tools. Although they offer a different developer experience then we are used to from Microsoft tools, they seem to have a good helpful community around them.

Update: Mono Touch now allows you to do development using MonoDevelop and statically compile for the iPhone. Here is the link with more info http://monotouch.net/

Xcode must be used to develop for the iPhone. It is the only platform for which the iPhone SDK is available.

According to my knowlage, the iPhone SDK must be run on Mac OS system, so I dont think that you will be able to develop using VS.