I learned iPhone development largely through Apple's iPhone Dev Center. You have to register as a developer (free), but in exchange you get tons of great documentation and tutorials.
I suggest a combination of reading documentation, trying out tutorials, and watching their videos. You'll want to install the iPhone SDK as soon as possible. Nothing substitutes for the excitement of trying to compile code and run it on the simulator. You'll find the documentation reader built into Xcode (the IDE that comes with the SDK) handy too.
Are you familiar with Objective C? If not, skim "Learning Objective-C: A Primer" before anything else.
Next, check out the "Your First iPhone Application" document. It's a quick tutorial and walk-through of the development process. Once you do this, there isn't any reason not to try creating your own application. Just keep in mind that as you read the rest of the documentation you'll stumble on better ways of doing things.
Reading the "iPhone Application Programming Guide" takes awhile, but it's a good overview of the major APIs and hardware available on the iPhone. This is useful for understanding the big picture of what is possible.
Finally, I found Apple's "Fundamentals of Cocoa Session from WWDC" video very helpful in getting a sense of the typical development flow and how Cocoa and Quartz works. That video demonstrates creating a desktop app, but 99% of it applies equally to the iPhone. That particular resource is available by clicking on their "Getting Started Videos" link.
To sum up, I suggest trying some code rather than just reading forever. That said, over the long term you'll still want to push through all Apple's "getting started" documentation. Some skills, like memory management, can't be acquired by fiddling with code.