Ok I still don't get what all the hype is about (gooooo marketing dept!)

The mobile version of OS X or whatever it is the iPhone runs takes up 700MB of the device's capacity.
There's no way to cut, copy, or paste text! WHOA! Big, big mistake.
No A2DP support. That, friends, is such a huge bummer right there. (bye bye stero sound, hello mono)
Music can't be used as a ringtone -- even if it's just a raw MP3.
Document file reading -- but not editing -- for PDF, Word, and Excel (only).
Adobe Flash support is officially out. It's just not in the browser. Neither is there any other kind of embedded video support.
It will take snaps, but won't record video! How can Apple love YouTube as much as it does and not realize cellphone-shot movies make up a sizeable chunk of the crazy crap you find on there?
No iChat.
The keyboard (on screen only, no slideout one) is worthless - all the demo video's they show the guy using one finger to hit the keys - cause that's the only way it really works. aaahh!

What a pile of junk man! What kinda dork would buy one of those when you can get something like the Sprint PPC6800 (http://www.evdoinfo.com/content/view/2000/40/) that does a zillion times more for about the same $ or less?

...The mind of the American consumer is something of a mystery to me sometimes...now we've got bozo's camping out in front of stores waiting for them.