Just tested it on an iPhone 3 (using an app merely called "Scan") — no reaction whatsoever.
Weird you guys are having problems because it scans perfectly using the standard barcode scanner app on my Desire S (running MIUI):
http://www.armyofcrabs.com/qrsnake.png
RL Classic on iPhone 4S correctly scanned the code, but did not launch a browser. Tried on iPad 2 last night and safari didn't render it properly, anyway.