As far as iPhone apps. To not be wrong, I'll state it this way... As far as I would understand, no, you wouldn't be able to install iPhone apps. It would be like trying to install Windows apps on a Mac. Two different beasts. Now, I stated it this way because there may be some unknown way to make such thing work. Maybe a translator out there??? Don't know. That does bring up something to search for and see if it's even remotely possible...
Installing the clockwork mod will allow you to install custom ROMs, such as Revolt1.3 that I am currently using. It's lightweight, fast, and gets rid of the Bing crapware. Netflix is smooth, apps install much quicker, and overall, just better. The ROM also is built upon the V6 update, giving you most, not all, of the fixes, one being that you don't have the annoying thing of the keyboard popping up as soon as you open up messaging (texts).
I won't say 'do it', but highly recommend it if you like performance.... It does strip out a few other things, though, like swype (I use alot) and 4g Hotspot, which I use/pay for since i use mobile computing alot and wish not to have any vot (violation of terms) issues, plus it was only $30extra for unlimited since I was grandfathered in. The swype and hotspot can be installed, just have to go through some steps, but if you got past this part, that is easy.