I honestly don't understand all the whining...
I own and carry daily a RAZR ($100), a LifeDrive ($320), and an iPod Nano ($189). Both the LifeDrive and the Nano have 4gigs of storage each. Total was $608 for the bunch, and I've been on somebody's cell phone contract more or less continuously since 1995...
The Lifedrive is two years old and HUGE, but actually has enough onboard storage to handle e-mail properly, and with WiFi, it's not a terrible laptop replacement in a pinch. UI is the same as my 1998 Palm III, doesn't multitask, crashes all the time, etc.
The RAZR is two years old, cute and little, has good RF performance, and is dismal to use for e-mail, chat, SMS, and even most phone functions. It has a .3 megapixel camera. It's an OK phone in a great package.
The iPod Nano - about a year and a half old, is by far the best product of the 3 - great size, great UI, does its job perfectly.
So, I have the opportunity to replace all three devices with a single Apple-designed, absolute cutting edge device that does all three of these jobs well (judging from the demos - I'm sure there's bumps in the road), for the EXACT SAME PRICE as my existing package of products ($599 vs. $608), with the only new cost moving from my limited data plan to an unlimited one ($30/month increase - ouch!).
While I'd love it to be a little cheaper, the pricing is right in line with existing 'smartphones' when compared feature for feature.
For the folks who say it's 'limited' - I don't think there's another phone out there with a similar feature set - Cingular 8525 has similar specs, but isn't a great tool, Blackjack, Blackberry, MotoQ, etc. don't even come close, and many have price tags in the $400 range.
I'm sympathetic for those who don't want Cingular, but many phones these days launch exclusive with a provider, for very good reasons. Cingular's got issues in some locations, but they've also got the most service, the most places, and EDGE has the widest roll-out of any data plan. 3G is awful nice, but very limited availability in terms of coverage, and 3G devices suck power like there's no tomorrow - many have data use times of under 2 hours. Nothing is perfect, but a Cingular launch with EDGE seems like a good mix of wide availability, speed and power use...
I'm not sure the iPhone is perfect, but I'm pretty clear that it's in a great market position (granted, at the very top end), and will be the innovation driver for a generation of phones.
Similarly, I think we can reasonably expect an iPhone 'nano' with a stripped-down feature set someday.
I think the lack of 'Mac' at today's keynote was just a way to make the point that the Mac is simply one product line of Apple, Inc. We'll see the widescreeen 'video' iPod and various other announcements over the next couple months...
Finally, as for Leopard, I think we all saw plenty of it shown today... on the iPhone. Perhaps a 'mobile' version, but I think the look and interface is what we should be expecting from Leopard.
All that said, I may be overcompensating, since I was one of the folks who said that the iPod was a pointless device for music fanatics, and anticipated that Apple might sell 10,000 of them over the product's lifetime, if they were lucky. You should weight my opinion accordingly.
FWIW, that's exactly what I think of the iTV - all it does is move iTunes content to yer TV. I don't have any iTunes content I want to send to my TV... Hard to imagine a device that appeals less. Now, add TiVo functionality that works with Comcast and lets me replace their stone-age Microsoft DVR-thing, and I'll whip out the credit card so fast the numbers will burn off...