Not the first time
In its assessment, the ASA noted: "...the ad did not give an explicit indication of a comparison with the older 2G iPhone."
It went on to conclude: "...we considered that the visuals, in conjunction with the repeated use of the claim "really fast", were likely to lead viewers to believe that the device actually operated at or near to the speeds shown in the ad. Because we understood that it did not, we concluded that the ad was likely to mislead."
As a result it was judged that the ad broke four rules of the advertising code and mustn't be shown again in its current form.
The ASA is becoming quite familiar with Apple, having banned another iPhone TV ad only last August. In this one Apple claimed: "...all the parts of the internet are on the iPhone" and a couple of viewers contacted the ASA to say that, since the iPhone doesn't support Flash or Java, you cannot access all the parts of the internet on the iPhone.
That ad was also judged to be misleading and was banned from being broadcast again in that form.