Does the iPhone support bookmarklets?

For those of you unfamiliar with bookmarklets, a bookmarklet is a Javascript program stored within a URL (or sometimes within a web page as a hyperlink). These program add functionality to the browser. The term itself is a combination of the terms bookmark and applet (a small program or application).

Bookmarklets can provide useful functionalities such as finding text within a page, quick searching Wikipedia, excerpting all the links from a page, finding similar websites to the one you are browsing, looking up movie times, and more. There is practically and endless list of bookmarklets available for your utility.
As far as whether the iPhone supports them - yes, it does. Thanks to the full-fledged version of Safari on the iPhone, the iPhone has complete Javascript support, and thus has support for bookmarklets.

To take advantage of bookmarklets on your iPhone, add them to your bookmarks on your PC that you sync with the iPhone. Then, sync your bookmarks to your iPhone, and you can access and utilize your bookmarklets from your iPhone's Safari bookmarks.

Thanks to the folks at lifeclever for reminding us of the iPhone's support for these invaluable tools. They've also compiled a list of their 17 favorite bookmarklets for the iPhone, go check them out.