Probably coming sooner than you think...
I previously had one on order from Apple with a July 14 ship date, but cancelled it and ordered from the ATT website on Tuesday (6/29). When I placed the order, I received the same message as you that it would ship within 7-10 business days. I received an email from ATT on Thursday that my iPhone would ship within 24-72 hours.
Lo and behold, I received an email from my mailroom at work on Friday morning (7/2) that I had a delivery. Sure enough, it was my wife's new iphone... just in time for our week at the beach! ATT shipped it via Fedex standard overnight from Dallas.
It goes without saying that it's an amazing machine, but neither my wife nor I can get over how much sharper the display is. The 'retina' display is all it was cracked up to be, at least to us. Oh, and the pictures and video are stunning... goodbye point-and-shoot camera, this is all we need!
Good luck!