Pros: Lightning fast email, internet in your pocket, apps store, and you can use it as a phone.
Cons: Size, shape, screen vulnerability and battery life.
Waited in line at the AT&T store with the rest of the faithful on 7/11/08 to get the last G3 IPhone, number 20, of the first 20 avaliable in my area, PTL. I got a black 3G 8, and after the line dissipated, ordered the black 3G 16 that I really wanted. Gave the 8 gig to my wife when the 16 came in about 10 days later. Have been loading apps ever since. My wife loves hers. The Apps store is a genius idea.
The phone has great sound quality and is of course very cool and extreemly useful. I can get to and review my emails faster than on my dual processor desktop. The only drawback to internet access is the small screen size and no cut and paste feature, but the portability outweighs all that. The apps are cool, fun and also very usefull, most are free or .99 to 1.99 each. My favorite is a weather app with a moving radar loop, 14.99, you can set the radar to your current location and/or drag it all over the US.
The GPS is very cool and we used it during a trip to Orlando recently. We could see ourselves as a blue dot on interstate 4 going to Lakeland and I keyed in food with just an 'F' and it dropped pins over the nearby restaurants, touch the pin and you get more info about the restaurant, touch their phone number and you can call them. We used this at home after dinner at KrackerBarrel. I keyed in ice cream and it showed us a Brewsters just 1/2 mile down the road. My wife knew it was there, she knows the location of all ice cream places that she has ever seen and she's still thin, but I digress. They did not have White Galaxy or a moca flavor, but the ice cream was still great.