From the sound of things, it is aiming to be a decently featured port of the game with a "console level storyline" across "14 single-player missions" and "full online multiplayer".
FPS games can be extremely hit or miss on touchscreen devices so it will be interesting to see how this port holds up to the competition. We'll bring you more information when it is released by EA, but the full press release can be found below.
Battlefield Bad Company 2 (iPhone & iPod Touch): Your iPhone or iPod Touch becomes the staging ground for the total Bad Company 2 experience, based on the best-selling console game from EA DICE. The console-level storyline tracks 14 single-player missions across 5 intensely detailed battle zones. Capture emplacements in jungle heat, winter snow, and desert dust. Feel the adrenaline-pumping intensity of room-to-room combat and also unleash devastation from the air.Utilize intuitive controls as you destroy enemies with tanks and choppers in state-of the-art vehicular combat. Go all-out in full online multiplayer mode, and get a modern-warfare simulation for iPhone & iPod touch that's second to none. It's good to be Bad.
There's a joke here about pc controls vs console controls vs phone controls...but i cant figure it out.