Geoff Teehan designed a new conceptual iPhone home screen, making it a down-scrollable view containing the most essential information you’d need for the day, and allowing iPhone apps to extend it with their own relevant information.
I think this screen would work even better if you embed the search field at the top. What I’m not sure about is the conflicting scrolling patterns: up and down on the Home screen (e.g. screen 1), left and right on all subsequent screens.
Perhaps this implementation would work better as a read-only state for when you turn the phone’s screen on but haven’t unlocked it yet. It would be an option to enable (for privacy concerns), allowing you even faster access to the information.