Internet Sharing: Using the MacBook Pro as a Wifi Modem with its Ethernet Connection for the iPhone, connectivity issues
I use my MacBook Pro to share internet to my iPhone and my friends' iPod Touch. 

Make sure that you're using WPA2 to secure your network, not WEP- I have had issues connecting my iPhone to WEP networks, and they're not only less secure but the password is more annoying to type anyway. 

Other than that, your IP schemes are also not compatible. You need to set the devices to have the same IP scheme; if your WiFi is set to a 192.168.1.1 address, your iPhone needs to be 192.168.1.2-255. Setting both to DHCP would help a lot here. 

For my setup, I just left everything as DHCP and don't have any issues.