Same here, and I couldn't be happier. For those of you who are waiting, you could be waiting a LONG time. Why wait? The iPhone is amazing NOW, and will continue to get better and better with each free update.
Well since you asked, I'll tell you why I'm waiting.
1) Storage space. On my 80 GB iPod Video, I have 28 GB of music and 8 GB of video. The video is mostly there because I have the space, but I have most of my music syncing so I have everything with me. I could pare it down a bit and not sync any of my movies (ripped DVDs, then converted using Videora), but fitting everything into 8 GB would be a stretch for me. I'm waiting for a 16 GB model.
2) Calendar syncing. I have everything in Google Calendar, which then syncs with Thunderbird/Lightning on both my PC (main machine) as well as my MacBook. I *could* sync my calendar on my Mac since I can sync Google Calendar to iCal, but not my PC since I don't have Outlook on it. I don't want to have to sync my iPhone with my laptop just to get my calendar. I have no idea why they don't support a pure iCal sync--the standard, not the app.
3) No work email support. Well, since I'm the Exchange admin I *could* enable IMAP or POP3 on the Exchange server at work, but I tell you, I don't see that happening just for me. Having to go roundabout and use OWA through Safari would be obnoxious. No, I imagine that somewhere down the line someone will release an Entourage-like method of accessing OWA if there's no full Exchange support.
Number 1 requires a hardware refresh and is a deal-breaker for me unless I got a free iPhone, but I imagine that will happen this year, maybe in the WWDC or August MacWorld timeframe. Numbers 2 and 3 require software, either from Apple or from a 3rd party, but I see both happening at some point in time. Google Calendar is too popular to not allow some sort of sync, and Exchange is the de-facto business email standard.
So, I wait patiently.