I saw both variants people use... Just don't know is float not enough for iOS5?
A 32-bit float holds 7 digits of precision, a 64-bit double holds 15 digits of precision.
With 7 digits of precision the maximum longitude of 179.9999 is only accurate down to 0.0001 degrees. A degree is about 60 nautical miles so 0.0001 degrees is about 10 meters (33 feet). If you want to store more precise lat/lon values, then you need to use a double (or a fixed point integer).