Before you start camping out side an Apple / AT&T store take a good look at what the iPhone does not have.
• Songs as Ringtones
• Games
• Any flash support
• Instant Messaging
• Picture messages (MMS)
• Video recording
• Voice recognition or voice dialing
• Wireless Bluetooth Stereo Streaming (A2DP)
• One-size-fits-all headset jack (May have to buy an adapter for certain headphones)

What we already knew it didn’t have
• 3G (EV-DO/HSDPA)
• GPS
• A real keyboard
• Removable battery
• Expandable Storage
• Direct iTunes Music Store Access (Over Wi-Fi or EDGE)
Of course you can never have a perfect device but the following omissions really suck.
1) Video recording – You provide a 3.5 inch color screen and expect us not to shoot videos.
2) Wireless Bluetooth Stereo Streaming (A2DP) – 8GB of onboard memory still I have to use wired headphones. Maybe Apple wants to cash in on accessories and will release a Bluetooth adapter later on.
3) Removable battery – Beats everyone, as when my Nokia E61 hangs up the only solution is removing the battery.
4) 3G (EV-DO/HSDPA) – Something we can expect in the next version
List via Gizmodo