Yes, it is a smartphone. Internet, e-mail, full PIM, outrageous price. It's a smartphone. In fact, Apple just released a battery comparison chart comparing it to phones such as the Treo, Blackjack and the N95. If it wasn't a smartphone, they'd be comparing it to crap like the RAZR.
They also compared it to those phones in order to choose ones with less claimed battery life in their brochures. All except the Blackberry have HSDPA broadband internet radios which suck power. The Blackberry actually runs longer than the iPhone but doesn't claim it.
There's so much smoke and mirrors surrounding this introduction, that there's no way I'll get the first version until others have had a chance to check it out.