Are you sure the iPhone power supply has no transformer? I haven't cracked one open but I'm guessing it has one. Increasing the switching frequency allow a reduction in core size, and with frequencies in the 1 MHz range these days the transformers are pretty small. (Further increases are not recommended due to increased hysteresis loss.)
The 2-way communication is already there, your wish has been fulfilled. Okay, not all DC equipment has it, but that's how USB works. You plug into a USB port you get up to 100 mA free, you can negotiate to increase the limit up to 500 mA. Apple's iPod/iPhone/iPad chargers put nonstandard voltages on the data pins to indicate to the device that they can supply some larger amount of current, like 1A or 2A or whatever. Different voltages on the data pins correspond to different current limits. (So for the chargers it's one-way communication, not two-way like USB, but the two-way communication isn't needed for chargers that only plug into one device.) This isn't the first time Apple messed with the USB power specs, if you had a G4 cube back in the day you'd notice that the speakers would only work if plugged directly into the Mac, which supplied 800 mA from its USB jacks.
Personally, I think it's pretty dumb that USB only supplies up to 500 mA -- that's just 2.5 W. Meanwhile, Firewire could supply up to 45 W, which is why Firewire hard drives don't need to plug into the wall.