Unlike "sober" Chris, I think the iPhone's feature set is pretty dang compelling. Here's a quick rundown of its major strengths & weaknesses.
Weaknesses: no 3G, no GPS, no removable battery, no expandability, 2 MP camera, no video(?)
Strengths: intuitive touch interface, traditional websurfing, large screen, long battery life, Wi-Fi & bluetooth, visual voice-mail, call merging, YouTube integration, hypertext phone numbers.
SMS, stocks, weather, email, calendar, contacts, pictures, etc are available on most other phones -- although perhaps less beautifully.
To me, the strengths outweigh the weaknesses by a mile. I've never seen a phone that works like the iPhone works -- and I'll be standing in line Friday to get mine.
am in singapore ... had the sony ericsson p990i and i changed it to the N95 recently.
while i am generally happy with it, i would glading change it to iPhone any time if it does come.
secondly, it doest have a qwerty keyboard as mentioned in the podcast in episode 501.
actually i would try the sony ericsson P1 too if it does come out.
thirdly the GPS is very slow to lock in and i believe most have said that it is better to use a separate bluetooth GPS.
while i bought the phone mostly for its camera and video, and it does do a very well in video capture, i think a 2MB camera should be able to do as well if only someone implements it. the reason while i think video playback and capture is so good on the N95 is because it is one of the few phones with separate video acceleration chip built in.
i believe iphone has that too ... so keeping my finger cross ... although it would be a year before iphone reach us.
i think most people are missing the point about iphone. coming from someone who has changed phones like between 3 to 6 times a year ... the user interface of iphone does look really ahead of any phones out there. while it has some limited features as compared to a swiss knife like N95, but 80% of the time most of us use 20% of the features. so if iphone can get the 20% mostly used features super good, that would indeed make it a much better phone.