I got to play on one of these little
iPhone beauties recently -- one that had been bought in the USA for $600USD before the price apparently dropped to $400USD. (The price drop btw seemed to correlate with and increase in sales from about 8,500 per day to around 15,000 per day in the USA.)
So, what are they like? Well, they have a very solid feel and are really thin. The camera is tiny and the camera software really cool. The screen is excellent and the touch screen amazing. I typed a couple of sentences on the virtual keyboard and I didn't get a single letter wrong, even with my semi-fat fingers! Google Earth works great, including zooming in and out and moving around, and this was running over one of several available wifi connections, of which the owner had configurations for about 8.
Much more could be said, however I will stop with this: compared to an older iPaq I owned a couple of years ago, this device is leagues ahead. The interface is simple, fast, brilliant and just works. But don't go rushing off to TradeMe to buy one as they have been banned from there for now :-)