The Sims Freeplay iPhone and iPad app hands-on
The Sims Freeplay – freemium game
The Sims Freeplay works on day and night cycles and any point-earning activity takes an allocated number of minutes or hours. You can use real life cash to get more money or Lifestyle Points from the store or speed up activities by using up the points you've already got.
Plus as you progress through the levels you can add more Sims and move them into houses in your town. Remember the money-grabbing cheats from the PC games? So do we but we haven't spotted any just yet for iOS. Presumably because EA would rather sell you simolians for real money.