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made less promotional, mentioned that it is for Nikon only and not canon as in the body of the question but not in the title so someone could find it.
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Zesty systems Inc.(Japan) has released ZGR-1the ZGR-1 accessory to provide superior functionality to extend the competence of Nikon DSLR. The ZGR-1 works with smartphone (this release is compatible additional capabilities to iPhone/iPod touch/iPad ) to provideNikon DSLR, among other things providing long time exposure time control, shutter shutter release, GPS information and etc. Control your Nikon DSLR with your iPhone

The question was specifically for Canon, so it would seem that for the moment this solution is not applicable but ! http://www.zesty.co.jp(as of August 2012) from the official blog it appears that a Canon compatible version is being considered.

Zesty systems Inc.(Japan) has released ZGR-1 accessory to provide superior functionality to extend the competence of Nikon DSLR. The ZGR-1 works with smartphone (this release is compatible to iPhone/iPod touch/iPad ) to provide long time exposure time control, shutter release, GPS information and etc. Control your Nikon DSLR with your iPhone ! http://www.zesty.co.jp

Zesty systems Inc.(Japan) has released the ZGR-1 accessory to provide additional capabilities to Nikon DSLR, among other things providing long time exposure time control, shutter release, GPS information and etc.

The question was specifically for Canon, so it would seem that for the moment this solution is not applicable but (as of August 2012) from the official blog it appears that a Canon compatible version is being considered.

Source Link

Zesty systems Inc.(Japan) has released ZGR-1 accessory to provide superior functionality to extend the competence of Nikon DSLR. The ZGR-1 works with smartphone (this release is compatible to iPhone/iPod touch/iPad ) to provide long time exposure time control, shutter release, GPS information and etc. Control your Nikon DSLR with your iPhone ! http://www.zesty.co.jp