First of all to say the design and display are the best (thatz a cult for apple.... iPhone is no different)..
I only have 3 gripes against the iPhone specs (Hope these will be upgraded in the next generation)
1) no HSDPA/UMTS support. (Hope Apple will definitely upgrade as most of AT&T's networks are of the faster HSDPA flavor.
2) Support for external memory formats....we wud luv to have the memory expandable apart from the in-buit one.
3) Better camera specs (at least 3.2 MP).... because of the sheer mobile processing power under its hoods...
Also going for a 1st gen device is adventurous enuf...... let the fanboys do it.... I will definitely get one later the next year when the features and specs get better ... till then let me use my W850i, Cingular 8525 and XDA O2 to my hearts full !!!