Three things:
No camera
No multitasking
No flash
Two of those can be fixed with a software update. I hope iPhone OS 4.0 includes these features.
It's just a big iPod Touch that's overpriced.
Pioneer Kuro *wink**WINK*
It's another gadget to get the Apple cult riled up. I think it's rad, but I have no real need for one in my line of work. Now, if it could run the Adobe Creative Suite without hiccups, then I'd be ALL over this. But I'm good with my gigantor iMac and iPhone for now.