From time to time, I would see my analytics software showing people searching for more information regarding to the Korean language support on iPhones. Most of the time, Google would suggest my blog entry on iPhone-Chinese-Japanese-Korean Language.
To give those readers a bigger dose of satisfaction, I have taken more photos of Safari in action by visiting some of the popular Korean websites for your reference (atleast according to this link, these are popular Korean sites). iPhone is definitely capable of supporting Korean. Enjoy!