First of all, I think what you're doing is very laudable: the iPhone needs something like this. While Unity may be all very nice, it's a bit heavy for the little mobile platform we know and love.
Praise aside, and ignoring the whole 'can't upload to my own iPhone' issue, there're another couple of concerns that really need addressing before I can view Corona as a viable alternative to the usual XCode/Obj-C route.
1) Texture atlases
You might be using openGL to make things nice and fast, but without texture atlases, you're going to be sending one state change per sprite, crippling your performance. I, for one, won't bother with Corona until I can see 100+ sprites whizzing about on screen. 100's not a lot for the iPhone. I've not tested it myself, but I doubt you're able to push around that many at 60fps at the moment.
2) The sound support seems quite limited. If I'm not mistaken, you seem to be using the basic media file support from AudioServicesPlaySystemSound. This is - in my experience - slow and limited. Imagine a simple shooter, where tapping the screen fires a bullet. You really want one sound per bullet, with some sort of round-robin attachment to audio-buffers, without any hiccuping. I'm ignoring compression issues at the moment; support for additional formats is all very nice, but definitely something for the future.
Having done it myself, openAL isn't that hard to support, and would make a world of difference to the flexibility and capability of your system.
Again, I thank you for your work so far; keep it up! I look forward to days free of memory management debugging and worrying about architecture more than creating good apps. :-)
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