Iphone keeps searching for devices... and ...nothing happens...

Though you didn't specify what devices it was searching, that sounds like Bluetooth - if it is a bluetooth issue, please be aware that the iPhone as of yet does not support data transfers, only voice. This means that if you are searching for bluetooth devices, only headsets will show up.

What were you trying to connect it to?

Here is an article from the apple support website that might help out.
http://docs.info.apple.com/article.html?artnum=306275

well I have following case:
I can pair my iPhone with a Headset without any problems. The only thing is that once paired I still the the animated icon next to the text "Devices" and below the entry of the paired headset still the entry "Now Discoverable" ... Is this the normal status ?

BRgrds

Similar problem. The iPhone paired quite nicely to a Jawbone headset. Then it looked like it continued to search for devices--"Devices" icon continued to rotate. Is there any way to pair with a device and then turn discoverability off, but keep Bluetooth activated. WiFi gives you the option to stop looking for other networks. Apparently Bluetooth does not????

Can discoverable or searching for another device be turned off??