Here is a trailer for a simple little iOS game called Punch Quest which looks like Jetpack Joyride meets Fists of Fury. Not a bad thing. From the look of things you'll have access to a load of power-ups such as exploding punches, long range punches, blue punches, projectile spitting mounts, and things of that sort.
Punching monsters in the face so hard that they explode is an idea I can get behind. The two button control scheme (left tap and right tap) is so simple that it can't possibly go wrong. This is 99 cents (two bucks, tops!) that I will would gladly throw at the app store.
Update: Expect Punch Quest to launch in Fall at a freeish pricepoint, having opted for the coin in-app purchase model that seems to be all the rage these days. Works for me. If you're dead set on spending though, I will gladly take your 99c and give you a face punch in return. Warming up for the game, ya know? Hooray for journalism!