There should've been no pre-orders or reserves, period.
Let the masses line-up and first-come-first-serve. Would've solved a lot of these problems.
The problem is that the in-store "reservations" are complete BS. My confirmation email shows the model, price, location, and says, "Thanks for reserving your iPhone. It will be here June 24."
I made this "reservation" first thing in the morning on the 15th, but now that I look at the email again I notice the following fine print: "Pre-authorization does not guarantee iPhone availability at an Apple Retail Store. iPhone is sold on a first-come, first-served basis."
Basically, they tell you that you've made a reservation and that your phone will be there on the 24th. They prominently display in the email, "Please note that your reservation will be held until close of business on June 24." All of this leads one to believe that they have an actual phone reserved at a physical Apple store location. Then at the bottom in small, hard to read gray print on a white background, they inform you that what you've done does not amount to an actual reservation.
I am starting to get really pissed off. I've got a 3G that I bought a while ago, and it is starting to so its age. I've been patient and waited for the iPhone 4 to come out, and I chose in-store pickup rather than home delivery because I'm out of town on vacation and I don't want this brand new phone sitting on a front porch in a sketch part of town. Based on Apple's information, I thought I was making a reservation so that I didn't have to stand in line at 4:00 am like an idiot. Now I find out that I am an idiot, but only for trusting these people.
This is a disaster. I foresee yet another FCC inquiry into Apple's shady business practices.