iPhone Screen Dimensions Considerations
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Sorry, I feel this will be pretty basic answer.

As I understand it the iphone screen is 360 x 480 points.

The status bar is 20 points high.

Does this not mean that your working space should be 460 points high?

It's just that when I drag out an imageview, even with the status bar visible, the panel on the right says it is 480 points high.

Also, how best to allow for extra bars at the top, (such as personal hotspot connected), I believe they push the screen down? Should all images be set to aspect fit or something?