When do you think the first software update will become available and what do you think it should have it in?
Following Apple TV's example, and IF there are no major flaws found in the iPhone, expect an update somewhere between 30-60 days. A standard Apple update would include performance and stability enhancements, as well as a new feature or two added to existing software on the phone. Excitement around this phone may mean a new app or two by day 90. We'll see.
But I see issues surrounding Safari on the iPhone. Opening multiple pages in Safari seems to crash the browser, and affects other processes as well. Several times a Safari crash rebooted my iPhone, and once it crashed the desktop icons disappeared (which then reloaded a few seconds later, like a Finder crash in OSX). Hopefully Apple will patch this one quickly, since a few people besides myself are already reporting the same issue.