It's something to do with A2DP. The iPhone has a nasty habit of trying to push everything through bluetooth - I had a problem with my BlueAnt S4 when the iPhone would monopolise the handsfree every time it had to make a noise (any noise - email, SMS, lock screen), and would override any audio from the other handset which was also connected simultaneously (Multipoint).
To fix it, I had to disable A2DP on the iPhone, which stops the iPhone from trying to stream any audio other than phone audio over bluetooth. There is an app for all IOS below 4.3.1 called Bluetooth Profile Selector, but it requires your iPhone to be jailbroken. Apparently there is another app that will work for IOS4 and IOS5, but it's still a bit rough around the edges, and still requires a jailbroken iPhone.
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