The sexiest parts of the phone, once you step outta the Jobsian
The part I love best: it's a phone running on FreeBSD!
The downsides are the cost $500 + contract and the Cingular EDGE network being generally too slow for web browsing.
The phone is gonna be a hit, and apparently, chicks dig it already. But before Apple ships it in June, a ton of people are going to buy phones that have pretty much the same functionality.
My Nokia N73 already does all the web browsing, photo-uploading and MP3 playing the iPhone will do, but when those consumer features are married to a keyboard phone - like a Motorola Q, you have a recipe for mass consumer adoption.
The iPhone hype is only going to accelerate the most important trend of 2007. Phones with keyboards are going to proliferate like mad, now that they've entered consumer consciousness.
Get a keyboard phone now! And start developing.