1.
Why?
Steve Jobs directed the development and design of several new devices one of which the iPhone is.
2.
Why?
Steve Jobs directed the development and design of several new devices one of which is the iPhone.
* marks awkward usage
awkward (Adj) – bad, not smooth, not graceful
Note that the object of the quantity phrase "one of them" modifies "devices"; therefore, we cannot simplify "one of which" to just "which".