Not bad at all.
FaceTime is good to be introduced, but it is new. Not everyone has a device capable of it, and the cell networks likely need to get a lot more speedy, which evidently this phone is ready for. That is good.
The throughput on the cell networks would be insane to transfer full duplex video all over the place. You think you have dropped calls now...
Notice, they said "FaceTime Devices" projected to sell in the future... Whaddya wanna bet that the Rev.B of the iPad, and the next iPodTouch/iPadNano, and iChat on a mac computer is going to all get wrapped together.
It wouldn't surprise me if Vonage, Skype, etc... VoIP carriers and video chat programs are going to wrap into compatability with this, as well, for purely WiFi connectivity, or compatibility with other brand devices across various networks.
The gyroscope+accelerometer+compass+gps combo sounds fantastic to me... I can only wait to see what becomes capable for VR, or remote control, or augmented reality.
I can imagine an autonomous/auto-pilot helicopter, aircraft, or even ground vehicle, built from the components of an iPhone. Two cameras, an A4 chip, gyro stabilization, compass-based heading measurement, accelerometer and GPS positioning, wifi/BT/Cellular connectivity, and FaceTime is pretty much ready for first person flying, even with an illuminated HD camera! Also a down-view from the alternate camera. Add some automotive sonar parking sensors (the buttons on car bumpers for parking distance alarms) for proximity detection, and you have a very interesting automaton or RC vehicle. You could control one from another iPhone, or an iPad, with corresponding control inputs. Maybe use the retina screen to display telepresence, or other information, too.
The hardware content that you can hold in you hand today was unbelievable just a few years ago.
I am going to pick one of these up, then the only question will be, how to get my original iPhone onto a very cheap family second line on the same common minutes and unlimited data, or a pay-as-you-go, and hand it down. I use the computing features more than I make calls anyway.