Safari HTML Reference: Supported Attributes says:
contenteditable
If true, the element can be edited on the fly; if false, it cannot.
It works, kind of. I thought contenteditable doesn't work on iPhone before. When I set a div to contenteditable I couldn't move the cursor/pointer to where I wanted to move it. But, when I was fiddling around XHTML with contentEditable within iBooks.app on iPad, I found that "execCommand('insertText', null, 'foobar');" worked within Mobile Safari.