The following images are the Japanese input options in the latest iPhone 2.0 beta (build 5A258f) firmware.

There is no handwriting recognition currently for Japanese (only for simplified and traditional Chinese where you can use your finger to draw kanji). There are instead a kana keypad (which mimics the typical entry method on a Japanese mobile phone and more) and the standard keyboard for entering romaji.  No word on Emoji or QR Code scanner software.