Steve Jobs unveiled his latest product at Macworld 07, the iPhone. It looks like a real winner although I do see a few problems with it such as cost, network locking and 3rd party applications.

Though these things aren't going to worry people with deep pockets, availability will. Right now it looks like you aren't going to be able to purchase one for a while. The release dates for the iPhone at the moment are:

United States : June 2007
Canada : Late 2007 to early 2008
Asia : Sometime in 2008
Australia : Maybe 2008?

And even when you can, boy it looks like it's going to be expensive. It's makes sense that it would be expensive, given it can do everything except walk your dog. But bear in mind it's going to cost you:

US $499 - 4GB Model
US $599 - 8GB Model
2 Year contract + data plan required

We know that data plans don't come cheap and the requirement of a data plan will most likely make this a phone not many university students will be able to afford, however as Steve said at the keynote, as the product matures over a couple of years it will become cheaper and eventually everyone will be able to afford one.

The iPhone looks great, performs great (we think) but we aren't going to know much until it is actually available and if Steve opens the phone's OS for development, it's going to become a very powerful phone.