Personally, the 2-year contract doesn't bother me all that much. What I'm concerned about is:
1) Whether an existing non-iPhone customer under an existing contract will be able to purchase an iPhone
and
2) If iPhones will be treated like all other phones or have special "you can always get a new iPhone" treatment. Meaning if I was to buy one on July 11, assuming I am eligible, and they released another model in a few months (maybe 32GB, different colors, whatever doesn't matter) will I be eligible to upgrade (and accept another contract of course)? If not then one must be *very* careful about when they purchase and make sure it has all the features you want because you're stuck with it.