From their Facebook update:
The wait is over. As the web is buzzing with reports of the new iPhone 3G and iPhone 2.0 update, we’re adding to the excitement with the debut of a Bible App for the iPhone, powered by YouVersion.com.
The ease of use you’ve come to expect from YouVersion.com now fits in the palm of your hand. We’re thrilled to launch this new application that iPhone and iPod Touch users will be able to download for free. It’s called the Bible App and it’s available now from Apple’s built-in App Store.