Urban Tycoon is a city simulator for the iPhone and iPod Touch. There isn't a ton to do in version 1.1 of this game as the developers are planning on releasing weekly content. Unfortunately, none of that has been released yet.
In Urban Tycoon, you have the option to select from two different cities. Each one is empty to start, they just have different layouts. From there you simply tap on one of the empty spots and place a building in that spot. Each building costs a different amount and will either help you earn money, citizens, or cost you.
To make sure you don't end up poor, you'll have to put malls and hotdog stands to earn some money. After that, build some office buildings and places for people to live. To avoid having to pay for electricity, you have to build power plants as well. Once you get things going, you can start lowering the taxes for your residents as well.
In its present state, the game really isn't that interesting and doesn't offer a lot to convince you to keep this app on your phone for the coming updates, but hopefully in the future it will be something worth revisiting.