I'm looking at the same, for keeping the Edge 705 going for Audaxing. The iPhone isn't a problem, if I put it in flight mode when cycling/sleeping I can get more then 5 days out of it. Stop at control, turn off flight mode, send texts/tweets/etc, back in flight mode and off, still usable as a camera whilst in flight mode.
Here's where I got to:-
Portable Power Supplies - Portapow USB BatteryPros:
Light
Rechargeable
Fits in tri-bag to recharge/power GPS during the night for rides up to 600km (probably).
Cons:
Not cheap: £30
Might not be enough to keep a Garmin going for the whole of a 1000km ride, PBP or LEL since it can't be recharged en route (touring would allow you to recharge it by mains). Initial power in GPS would last 15 hours, this should add another 30 hours.
Generic eBay 4xAA battery holder with USB socket:-
Pros:
Light
Cheap: under £5
Can use any batteries found along the way (just need to carry 4 AA batteries for an emergency) or a stash of rechargeables
Cons:
Requires USB cable hackery to stop putting the Edge 705 in data mode.
Bit more fiddly, not quite as plug and go as the Portapow.
Stash of batteries = weight
Stash of Lithium batteries = light but expensive
--
In other words, I can use both depending on the situation, so I've just ordered a PortaPow. I already have an ebay special 4xAAA battery pack.