The iPhone's built-in microphone (not available on iPod touch devices) supports units of FS (full-scale, or maximum input before clipping) and Pa (pascals). It does not support any other engineering units, like the headset or dock inputs do.
The default pressure sensitivity of the built-in mic is 3.85 Pa/FS, which should get most iPhone 3G devices within 1 or 2 dB of the actual sound level. The accuracy of the measurement does depend on the nature of the acoustic signal, however. For example, an acoustic signal that is dominated by low-frequency energy (below 100 Hz) will appear to have a lower sound level when measured by the iPhone 3G's built-in microphone (see above).
The pressure sensitivity of the built-in microphone is synchronized with the device sensitivity (the two are always the same, so calibrating one calibrates the other).