Walt has reviewed the iPhone and gave it a fairly positive rating, calling it a breakthrough handheld computer.
We have been testing the iPhone for two weeks, in multiple usage scenarios, in cities across the country. Our verdict is that, despite some flaws and feature omissions, the iPhone is, on balance, a beautiful and breakthrough handheld computer. Its software, especially, sets a new bar for the smart-phone industry, and its clever finger-touch interface, which dispenses with a stylus and most buttons, works well, though it sometimes adds steps to common functions.
Check out more reviews from David Pogue, Steven Levy, and Edward Baig.
The hype machine continues to reach higher and higher levels as we get closed to the Friday launch. It must be at 12 by now!
tow.com 
So far the reviews seem pretty positive, except for the AT&T service. Seeing as I live in Hong Kong its going to be another 6 months or so before we get them, by which time I’m hoping that a) new features are added, b) bugs are squashed and c) Hong Kong’s superior network means generally better performance.
In the past, CingularATT would unlock the phone for you if you tell them you are going to HK or Finland, and that you intend to use it for a long time there with a local SIM card.
Now…an ATT specialist is telling me Steve Job would not allow this to happen. (I don’t know there is any truth to this.)
So there will be no unlocking…at least for six months to a year, I guess.