It DOES look very suspicious. The only people that really need to delete individual calls are people who are cheating on their gfs/bfs/spouses. I would figure that the security pin# lock should be sufficient enough to hide any personal information, in the same way that user log-ins do for Mac OS X. It's probably part of Job's agenda to keep the iPhone pure and untainted, like not having porn apps. I could see him spinning it as "not needing to delete history" being that there's up to 16GB worth of space on the phones, perhaps up to 32GB when the new one comes out. I'd actually like to be able to keep longer phone call histories in my opinion, like Safari does for internet histories in Mac OS X.
I'd like to see you complain to your significant other about how you can't delete individual calls (assuming you have one).
So, Steve Jobs wants to govern our social lives? I don't think so. How do you explain the hide-a-caller apps then?