Seeing as every other mobile analyst and blogger has been pontificating about the iPhone, I might as well add my opinion as well.
1) Yes, it's very cool
2) Apple seems to have done a great job getting AT&T to agree to its own private activation and application strategy
3) Apple fans will love obviously it
4) Fashionistas will love it for about 3.5 weeks and then move onto the next shiny thing
5) Nearly everyone who buys one will probably use a second device, probably a "boringphone"
6) The US mobile market may be galvanized by Apple's "game-changing" approach
7) SMS will be a pain with the touchscreen
8) Success in Europe and Asia is dependent on iPhone v2 and v3
9) If it launches in current form in Europe, it stacks up badly feature-for-feature against its high-end peers (camera, no 3G or GPS, etc.)
10) Distribution in Europe is still up for grabs. Voda might make sense, given its professed desire for better PC/mobile integration - the iPhone looks class-leading in that respect
11) It's damn expensive, especially on a two-year (!) contract
12) Enterprise users - only if bought for personal use and then used for work. Forget about corporate email support and especially VoWLAN / FMC for at least 12 months
13) OK, OK, OK - I was wrong when I guess that Apple wouldn't put music in it. I'd thought they'd want to sell you a phone AND an musicplayer, but they've succumbed to the convergence hype.... (wrong move, Steve - the future's about lots of devices and multiplicity.)
Bottom line: I'd say it'll be a winner in the US, do OK in Europe - but that I'm waiting for Apple's second move to see if it's actually got a real strategy rather than just a pretty product.
And me? I wouldn't swap my main, personal, SonyEricsson K800i for an iPhone as I like the 3MP camera with a flash, and the ultra-quick UI. But I would use it as my second/third phone if it offered a better email/Internet experience (and maybe 'content,' although personally I think video isn't of use to me).