LLVM GCC 4.2 is what I use.
Clang does not handle C++ well enough, and it's very much a work in progress. It's a very promising toolkit, but it's just not stable enough for production at this time (in my experience).
Apple's definitely investing in Clang as their future compiler, but it is not a trivial project. Unfortunately, that puts many of us in a strange place, using one relatively old compiler and/or one very very new one (guess how many years it will before I can begin using features of c++0x in my codebases).
I've used the GCC frontend with LLVM backend with my codebases since it was available (at least, during testing). It's been publicly available for years, and is fairly stable. I've found the LLVM pass does produce smaller, faster executables in comparison to GCC alone (although I do more works targeting OS X than iOS). Frankly, I can't compile enough code with Clang alone to recommend it (plus, I have a lot of C++).
I've found the GCC+LLVM combo reliable. If reliability is your primary concern: begin with GCC, regularly test +LLVM in development, and regularly compile and test with Clang at each Clang release until you're satisfied with it. GCC+LLVM will usually be usable for today's production builds.
If speed is your concern, begin with GCC+LLVM, and test with Clang regularly (if that is an option for you -- it is not for me - too much c++).
Regarding Clang's parsing/lexing/generation: Clang aims to extremely standards compliant. They're doing well, but there are many features which are new or non-existent, which is why I suggest you be cautious, especially with C++.
I believe Apple's made their preferred compiler of the future obvious so... don't wait too long to test with Clang.