I've had mine for a few weeks now.

Phone: superb. Apart from the stodgy contacts list, the phone end of things is well handled, both for receiving calls and in-call. The favourites is better than speed dial. Visual voicemail is remarkably handy. The keypad is large and very responsive (much better, for example, than the one on my old SPV M600, which was, frankly, crap). I would like more detail in the recent calls section and would like to be able to deal with incoming and outgoing calls separately. Annoyance rather than dealbreaker.

SMS: The conversation thing is great. However, you can't delete an individual message. This doesn't bother me. It may bother you.

Media playback: As it syncs with my iTunes and is an iPod, it's Bertie Big Potatoes for music. The way the phone handles an incoming call is good - it fades down the music and fades up your ring tone. Your music fades back in when the call's over, so you don't get suddenly deafened or startled.

Web: This is where the iPhone (and iPod touch) squash the opposition. Safari is the dog's danglies for mobile browsing. No flash might be a pain, though. Can't say that it's bothered me yet.

Mail: Easy to get started and easy to set up multiple accounts. Exchange, MobileMe and Yahoo! all offer push email. Can't do mail in landscape, though, which is annoying.

Battery: In 2G mode, it's on par with any phone with a big screen. In 3G mode, it's on par with any 3G phone. In short, it's about the same as everything else.

Build: Better build quality than the iPod touch. Very solid and free of creaks. Happily, it fits into my old iPod dock - however, IP3G doesn't fit the original iPhone dock.

Camera: It's shit. There's no two ways about it. That said, I don't care. If I'd wanted a phone with a decent camera, I'd have had to forgo too much integration and ease of use, and anyway, I've got a proper camera.

Applications: This is great. There's loads of good free applications on the store. There's even more than are crap, but then Sturgeon's Law applies here as everywhere.

Bluetooth: Only works for headsets. Annoying.

Tariff: Actually very competitive. I'm on £35 a month, which gets me 600 minutes and $BIGNUM texts, unlimited 3G data and (here's the cool bit) unlimited data at The Cloud and BT Openzone wifi hotspots

Chick magnet: Better than any other phone (until time and ubiquity renders it as naff as a RAZR, that is). You lend a girly one of these to make a call or look at a photo, and she'll be cooing over it (and you) within seconds.

Summary: the iPhone is a device that doesn't do everything, and isn't for everyone. What it does it does well, but it would be foolish in the extreme to buy one and then whine about what it doesn't do, given that every aspect of its limitations is well publicised.