Install the base SDK on your iPhone 3.2. Set your target deployment level for iPhone 2.0. Use UseibilityMacros when you call the iPhone 3.2 API. Then create a different interface code for the iPad and create a universal app. This is the best of all worlds. Except that you will not receive a new purchase if the person has an iPhone and has already purchased your application. If you are more interested in making more money because of the iPad version (maybe the iPad version has much more functionality?) Then you need to fork your code so you can set a different price for the iPad application. If I understand correctly, you can always keep the plug in the same xcode project so that you can still use common models and controllers, and when you build, just choose for what purpose you need to build. Thus, you, as a developer, get the best of both worlds.
Depending on admob statistics: iPhone OS statistics , if your customers are only iPhone, then people are not at 3.0 <3%. This is a fairly small number for me, they can easily be updated for free, so I will not store your application only for them. Perhaps your application may convince a few more people to upgrade. Now, if your application supports iPod Touch, your target market is still 32% 2.X
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