The iPhone's accessibility makes use of a lot of the two finger gestures already. Not this one, but most others. http://www.apple.com/iphone/how-to/index.html#accessibility.....
This particular gesture doesn't really make sense for Apple to use (for rotation, or anything else); its not very intuitive. It doesn't map to any other gesture that users have done on the computer before. Apple would have to teach users how to use this gesture. Its one thing for a game to have ann instruction screen, but quite another for the iPhone to do so.