The value of Lua (and PyPy, the Python equivalent in terms of JIT, Sandbox, etc.) is the ability to ship an interpreter and JIT that then can interact with native controls. There's still the bridge that's needed: for Lua, the iOS framework to Lua is provide in Wax: here's a blog article on Wax with a working example.
http://od-eon.com/blogs/tudor/lua-vs-obj-c/I haven't yet found the equivalent of Wax for Android.
Hank
>This addon for Visual Studio 2008 allows for syntax coloring, and error checking of the Lua script language.
>NEW: Visual Studio 2010 support has been added!
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http://vslua.codeplex.com/>
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>Do yourself a favor and save yourself some time and effort - use Lua to develop iPhone/iPAD, Android, windows phone apps. It's only the tool used to create most of the world's most popular apps!