John Gruber:

Let’s just say it up front: the iPhone is the greatest piece of consumer electronics that has ever been made.
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Everything Apple as a company has ever stood for, good and bad, was to get to the point where they could make this.
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A billionaire can buy homes, cars, clothes that the rest of us cannot afford. But he cannot buy a better phone, at any price, than the iPhone that you can have in your pocket today.

I agree completely, and this is the same feeling I had when I first started using a 15″ aluminum PowerBook.  I used to hear that it was a “very satisfying feeling to own a Sun machine.”  I am very satisfied knowing that I couldn’t possibly own a better class of computer.