Apple's iPhone may not have launched quite as well as Apple might have hoped. I like that. Apple is more likely now to second guess some of their mistakes, like a headphone jack that, for no sensible reason, doesn't fit most headphones. Maybe they'll even create a task list, enable notes synchronization, open the phone to signed Cocoa apps, put FileMaker Mobile on the phone, provide synchronization to Google Calendar, fix the broken Outlook synchronization (255 character contact notes?!?!) etc, etc.
On other side of the iPhone equation, AT&T may rethink pricing, and in particular rethink how much an iPhone is worth given their weak coverage and demonstrably slow and unreliable data support.
So if you've been thinking of buying an iPhone, please hold off a bit. I very much want to buy an iPhone, but I want Apple and AT&T to suffer enough to bring it a bit closer to what I need. (Voice dialing and GPS wouldn't hurt either, but I can live without them.) If you're still feeling tempted, contemplate this list of iPhone v1.0 Bugs (AppleHound). There, don't you think you can wait another three to five months?
You can wait a bit longer ... really. Apple's got tons of cash -- they're not going away. We just want them to suffer a bit. Heck, if the share price drops 20% you can make a good investment too ...