Check this –
Rounded Corners on UIImage
The layer modification seems to be the best way.
UIImageView * roundedView = [[UIImageView alloc] initWithImage: [UIImage imageNamed:@"wood.jpg"]];
// Get the Layer of any view
CALayer * l = [roundedView layer];
[l setMasksToBounds:YES];
[l setCornerRadius:10.0];