Online real time fast paced iPhone/Android game. Possible/Stable?

I don't own either device. I've only played angry birds once and that was on a friend's device.
I've never seen a multiplayer game that wasn't turn based.
I have an idea for a multiplayer game that is real time and fast paced.

Will such a game be stable.

I'm under the assumption that connections speeds aren't that fast&stable.

please let me know of your experiences with online multiplayer hand held games!

It depends a large part on how much error your application can tolerate. The more you can interpolate data on the client side the greater a tolerance your application will have for inconsistent connections. For example, if your client side application can guess acceptably accurately what's going to happen during the next 5 seconds then you wouldn't need as stable as a connection as if it could only guess what's going to happen during the next 50 milliseconds.

Something like a first person shooter cannot interpolate effectively beyond a couple hundred milliseconds, but something like a real time strategy game could probably effectively interpolate for a 2-3x longer.