I completely love the phone, I think it makes every other cell phone look like junk. It was the phone I imagined about well before it was announced, it's an obvious idea but took apple to do it.
I'd find the google maps and full internet features incredibly useful though, so often I wish I could quickly google something or search for a street address while out during the day, but still I don't need that enough to spend a lot on such a feature, it's an insanely cool but I could live without it feature.
But I'm not a guy who's really big on phones to begin with, I just want to make a call, I don't care about 3G or other gimmicks that make you pay through the nose for a little bit of content over a mobile connection, I have an iPod. I really care about media and music. The iPhone is a phone that offers a lot to someone to whom phoning and communication are secondary mundane necessities really.
And with only 8GB of capacity, it's a laughable replacement for a 5 gen ipod. Could barely fit a few of my favourite artists complete works, forget my complete music collection and movies and tv shows.