I'm entitled to my opinion and everyone else is entitled to their own. For me, the iPhone has two drawbacks:
1. It does not support Flash.
2. You cannot copy, paste text.
There are other drawbacks too which I noted when I read Walt Mossberg's review but I don't remember what they were exactly. In any case, these drawbacks have made me want to wait for the second generation of the product.
The other "drawbacks" such as the camera being only 2MP and not being able to record video are not drawbacks for me because when I buy a phone, the last thing I look for in it is a good camera. I have a dedicated 7.2MP camera with 10x optical zoom and 16:9 aspect ratio, thank you very much.
So they are not drawbacks for me. What rocks about the device is the sheer amount of innovation that is immediately apparent from the awesome user interface and has been lauded in every single review.
I also had three apprehensions about how much the phone could withstand scratches, how good the virtual keyboard was and how much battery life it had. Thankfully, it excels here because the screen (and the entire body of the phone) is extremely resistant to scratches, the keyboard is very fast and accurate to type on and the battery life is by far the best ever on any smartphone.
All in all, this is one heck of a phone. That is my opinion anyway - feel free to disagree.