Parsing XML on the iPhone is a somewhat tedious task because the NSXMLDocument class available on the Mac is not available on the iPhone. Fortunately, there are several different iphone XML parsing libraries now available on the iPhone.
There is wide variation in the performance of these XML parsers, fortunately Ray Wenderlich, the creator of the Space Game Starter Kit and co-author of the Learning Cocos2D book, has written an excellent guide comparing the efficiency of these libraries in both time and memory space.
The guide can be found here: How To Choose The Best XML Parser For Your iPhone Project.
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[Source: Ray Wenderlich]