The main browser would be subject to the same security as any native app, so I'm not sure how the security issues would be any different than a native application.
because native applications are usually installed by choice.
With a browser the implication (of the poster) is you could browse anywhere. Which obviously is a security risk because any page you visit has access to the Iphone API.
Would you visit a site that had that kind of access in your desktop browser?
It's not as bad as it sounds (though I gave you an upvote). You'd just have to limit the access to browser apps that have been "installed" to the home screen. I'm sure people would go nuts, but I think it could be done relatively safely.
Right, I should have said this. My point was not a browser that replaces Safari, but something that is more of a app where you could find a list of website specifically targeted to the platform.