iPhone

Hardware Features
- 3.5" Widescreen touch-sensitive display
- 11.6 mm thin
- 2 megapixel camera
- proximity sensor, accelerometer, and ambient light sensors
- Quad-band GSM/EDGE + WiFI + Bluetooth 2.0
- Battery Life: 16 hours audio, 5 hour talk/video/browse time

Software Features
- Runs version of OSX. "Full desktop-class applications"
- conference call support with up to 3 participants
- multiple SMS session support (iChat-like interface)
- Safari: first fully useable HTML browser on a phone
- "coolest photo management app ever"
- Widget support
- Yahoo IMAP mail
- Google Maps (with satellite image) integration

See the full write up here

The phone will be offered exclusively through Cingular in the US in June, and will come to Europe in Q4 2007, and Asia in 2008. A 4 GB model will be offered for $499 with a 2 year contract, and an 8 GB model will fetch $599 with similar contract provisions.