Information Week has the most balanced review of the iPhone I've read so far. If you can't be bothered to read all 7 pages, the conclusion is...
"No, the iPhone doesn't make you taller, stronger, better looking, or able to fly. It's not the perfect device for every human being on the planet, nor is it perfect for every situation. In fact, it's not perfect at all.
However, it is the best phone I've used, or even played with, and with the sole exception of Exchange/Domino-style connectivity, it is the best smartphone I've ever used. I've been using it heavily since it came out, and it's done everything it's supposed to do better than anything else I can think of.
It's not the cheapest smartphone I've ever had, but it is, by far, the best value in a smartphone I've ever had, and I'll take value over low price any day. Well worth every penny."
Can't wait for it to be released in the UK.