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I admitted I really wanted the phone since it came out but, luckily, the firm pays for my Treo and the monthly fees for life. Although it's a crappy phone, nothing beats free stuff.
Talking just about an iPhone, I would wait until it gets to second or third hardware revision. At least it should have 3G capability and at least 16 GB of memory (the also-launched-today iPod Touch has 16 GB, same price, and is a hair thinner). Also, I would wait till it has connectivity to Exchange Mail server or I changed my job to the smart company that uses IMAP mail. :)
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