I would like to create QR code with web address (encoded within).
Are there any requirements/limitations about QR dimension, version, error correction level for iPhone?
Is is enough to embed only web address or iPhone needs some special format to know how interpret qr content?
Go for QR-code of simple text format (just URL), and the largest possible error correction level for you length. Do not forget about white border around the code, don’t crop it. Leave it in full black-and-white contrast. Also, try to print your QR code at as large surface as you can. Building banner is most desirable format 😉
Seriously, try to stick closer to the standard. Say, somebody likes to embed colourful logos into the code. This reduces the error correction and some devices refuse to recognize the resulting code.