I purchased my iPhone about 2 weeks ago. I did not wait in a line at a store, but ordered it on the Apple website. It took about 2 weeks for it to arrive directly from China.
First, the positives:
Set up and activation was extremely easy. I only needed to plug the phone into my computer. I was already a current AT&T customer, and I already had an iTunes account, so I had 2 less steps to activation. Everything was done on the Apple website and took less than 5 minutes. It automatically set up my main email account and transferred my contacts.
The touchscreen technology is amazing. It is really fun to play with. The keyboard makes it faster to type in text than any other phone I have owned. I have small fingers, so it gives me somewhat of an advantage.
The look of the music feature is a little different than previous Ipod models, and is a little easier to navigate, in my opinion. The video quality is the same as my other Ipod, but you can now view videos in wide format.
The photos feature is fantastic. Viewing in landscape is great.
The Safari web browser is easy to use. You can have multiple pages open at once.
It may not be the most important feature, but you can not download ringtones to use. You can only use the ones that come with the phone, which weren't that many. I wish you could use any of the songs you purchase from itunes as a ring tone, but as of today, that is not an option.
AT&T's Edge network is a little slow. It's more like dial up speed. Whenever possible I use a wi-fi connection. Also, while using Edge, you can not make or recieve phone calls. You can make calls while using wi-fi though.
The iPhone is by far a great phone and music/video player. All you techies will love it!