I don't have any experience in this platform but from the looks of it, it does seem like Titanium could produce something functional. How isn't it a "real" tool?
If you're referring to something built from the ground up, then it's probably not suitable for that but it does seem to be a good way to port over a PHP app. or something else to the iPhone/iPad. It reminds me of those tools out there that help make your PHP script Facebook compatible.
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