Quote:
Originally Posted by
mariofreak85 
because it uses the same four-conductor 3.5-mm audio jack that the current iphone headset has
As confirmed by Apple verbally, and on their site here:

I have already heard on a couple podcast, it doesn't work on the iPhone. I'm positive about this, and it sucks.
EDIT:
From arstechnica..
"Finally, we inquired about the new $79 headphones that will be available for the iPod nano and iPod touch. The headphones, which let you skip/pause/play with a click just like the iPhone headphones, also let you adjust volume up or down.
I asked whether they would work with the iPhone, and the Apple rep said the company doesn't claim that they're supported. "It will work with skipping, pausing, etc. but I don't think the volume will change. That's not supported on the iPhone." He pointed out that iPhone headphones will work with the iPod touch and iPod nano, however. "