I copied this High@3.0 file out of my iTunes library and it successfully syncs to my 3GS.
I can't get it to play over Wifi, while I can get a Main@3.0 file to play, but I think this has something to do with not enforcing some bitrate limit rather than the profile.
iPhones don't even support Main profile (though some suggest that the 3GS actually has enough power to do so, it's only software limited by Apple to keep the line homogenous).
Search for "Baseline Profile" on this page for the full details: