I spent some time this morning playing around with the new features in Google Maps on the iPhone. I am more and more impressed with this tool. With this update they have added transit and walking directions in addition to driving directions. Now when you are plotting a route you can see separate results for all three modes of transportation. As you switch from view to view the map is redrawn to reflect the best route based on your mode of transportation.

When the transit directions are displayed, bus stops appear and are clickable. When touched, the marker will display the arriving time for the next bus or train. (In Portland this is live data based on an estimate of the buses location using GPS, and not just based on a timetable, am sure it is the same for most of the transit systems that Google has partnered with...)

Below are some screen grabs for a route from my home to school.

In addition, Street View is now available...