Here are a few things users seem speculative about; mixed in are some pros, cons, and other interesting information consumers seem confused about.
There is an option of a $500 iPhone.
Everyone is complaining, "$600 for a phone!" But that's not their only option. No, it also comes in a $500 4GB version. People should learn how to get better with syncing their iPods, so they can take off high-capacity videos or TV shows when they've finished watching them.
Mac OS X.
Everyone is excited about the iPhone having "OS X" but don't they realize that OS X Leopard is coming out soon for computers? This OS seems more technologically advanced, and probably worthwhile for waiting to the iPhone second generation.
Video Conferencing.
With this current generation of the iPhone, (1G) there will not be video-conferencing. There is no camera on the front! Why would you want to video-conference someone if you can't see them? Just so they can see you? ...Don't think so.
3G might be available with an update.
I can't remember where I heard this, but someone said that 3G might be available with a firmware update. Considering the Chocolate had speaker phone added through a firmware update, it doesn't seem impossible that the iPhone will be able to take advantage of 3G through an update also.
Apple will definitely make their 10 million mark.
With Cingular's 58 million customers already, how many more will switch just to get the iPhone? Considering there are millions of Mac fanboys, I would think at least a couple million users would switch their service just for the iPhone.
2 Megapixel camera.. no flash?
I was surprised when I saw the back of the iPhone. I saw the camera lens, without an accompanying flash! I know they had to make it a small form factor, but throwing in flash for an expensive phone seems standard, not a luxury, to me.
I hope you agree and disagree with some of my points, I find all of the iPhone speculation and debate interesting, even though few people have seen one, held one, used one, or reviewed one.
That sound you hear? It's the collective release of nine million simultaneous geekgasms as the iPhone is announced. Here are my thoughts - please feel free to add yours.
1) Wow.
2) No, seriously - wow. The adaptable, dynamic interface, push email, photos, iPod video functionality, photos and ten thousand other things all in one device is absolutely incredible. Particularly in terms of the touchscreen, this, like the iPod, will have ramifications for the entire tech sector, specifically in how people conceive of the interplay of design, functionality and interface.
3) But - and it's a big one - did they just 'PS3' themselves? $600 US *with* a contract is an enormous amount of money. Like the PS3, it's 'worth it' in the literal sense, but is this so expensive that it will drastically reduce the rate of uptake? I'm not saying that the device itself is akin to a PS3 - it obviously offers something that nothing else does - but I sorta' felt like it was a huge buildup that led to... "six hundred bucks US?!". Are they out of their minds?

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