Since several people asked me how to do this, after I twittered about this, here it comes: How to correctly sync the Google Calendar with the iPhone. First step is to create a new calendar account in the iPhone settings (Email, Calendar, Contacts) using the Exchange protocol. The finished account should look something like this:
You can also sync the contacts and emails, if you want, but that's optional. The second step is to go to http://m.google.com/sync/ to set up which of your google calendars you are going to sync. Beware: on the german iPhones, the page will display an error message, unless you switch to the english page!
That seems to be a bug on google's page. So after you've done this, you get a list of your iPhones and can select for each device which calendars to sync: