Not really helpful, but still ontopic, I found that my metal business card holder was able to be used to control my iPhone somewhat like a stylus, however you needed you find a certain spot on it which just so happened to be on the flat side, not the tip.
Also, you didn't need to apply much pressure to the phone, meaning that a smoothly gliding stylus is perfectly capable if you're willing to press metal against your iPhones screen. I have a top quality screen protector now, so I'd say if you got one of those, and found a metal which will act perfectly as a stylus, you should be good-as-gold.
The way I see it, using a stylus is extremely good if you're looking to expand the phones capabilities for business. For example, I'm sure the company my grandfather works for would employee apple iPhones, however they require their PDAs to digitally record clients signatures, so a stylus of some sort was needed. That's the reason they stuck to the big, bulky, slow and unreliable HP PDAs they have at the moment (They were probably good pieces of tech back in the day, but the demand on the system has out grown it's capabilities, so I'm not knocking HP products).
Actually, with saying this, does anyone know what type of metal will best work as a stylus? The phone would emit an electricomagnetic field, so I'm assuming that a highly conductive, freely available metal would be a viable solution, would it not?