How to: Setup and sync multiple Google Calendars on iPhone

First Step, instead of setting up Exchange account, set up CalDAV account

Settings-->Mail, Contacts, Calendar -->Add Acount... --> Other --> Add CalDAV Account

(Under Advanced Settings choose SSL)

Next, go to this website: https://www.google.com/calendar/b/0/iphoneselect

Check the calendars that you want synced to your iPhone. This will allow you to edit and make changes to all of your calendars that you currently see in your google calendar.

Personally, I prefer google calendar over iCloud calendar since google calendar is so well integrated with gmail. I can finally edit and sync my personal and work calendars from my iPhone.