Same w/ my iPhone 4, but I update w/ my IMAC as we have 4 individual i-Devices. iTunes seems to have D/L'd all 20 updates sucessfully. My iPhone after a sync says "unable to sync 4 apps" check iTunes. iTunes says nothing about failures w/ sync. When I try to access updates via my device it just says "waiting" at each app, or "Cannot connect to iTunes Store" at the Updates screen @ App Store, despite being able to view all other screens involving "purchasing new stuff". I have enough space on my iPhone, but regardless I deleted two seldom used apps, reconnected with iTunes and then everything synced finally. My iPhone still won't connect to the iTunes store even now. Some glitch we are all suffering from, and as macbwt says somebody should take responsibility and get it fixed.
Maybe I can buy an App to fix my Updates App!