I'd rather wait if I were you...

Check this out:
http://www.engadget.com/2007/07/23/safari-exploit-gives-hackers-full-con...

"Contains every thing in the cell phones technology!"

Maybe not, just to name a few:
1. Cant send messages to more than one person at a time
2. No picture messaging (MMS)
3. No games
4. Cant set songs as your ringtone (!!!!)
5. No video recording
6. No 3G...

And much more... It's all hype that the iphone's a "revolutionary communications device". The fact is that it does nothing superior than other smartphones/PDA's nowdays.

I'd wait for the 2nd generation device if I were you. Plus, it's gonna be very expensive when it's out :)