12 months later, the SDK has improved, and documentation has improved. I circled round to Titanium again. Now I've got an app in my spare time that's pretty close to store submission, not leaking, not crashing, all native. I'd find it very hard to go past Titanium now. Once you get into a groove with the CommonJS style (https://wiki.appcelerator.org/display/guides/CommonJS+Module...) of constructing your app, and follow some of the latest examples, it all clicks into place.
I haven't tried to learn Objective-c (Rails/Javascript guy) however if you're not building a game, or trying to get 10/10ths out of a native app, I think it's damn good solution.