I don't think iPhone will be as successful as some people might think for one simple reason, price. I know it's irrelevant but look at the PS3 and all the hype before and after it's launch, the Cell processor, Blu-Ray, all the latest and greatest technology available, but the price threw off a lot of people and a fact that most people already had PS2, XBox, Nintendo systems didn't make a PS3 as hot of an item as Sony would have hoped. Of course lack of games doesn't help matters.
Anyway, I know it's kind of dumb comparing PS3 to an iPhone but again, most people already have cell phones, most are tied up with contracts, and I don't think most people are ready to throw over $500 for something that virtually does what a $50 Nokia does which is making phone calls, all that other gadgetry is secondary. I am more than sure there is a market for high-end phones but I don't think we are talking big numbers here. Add to that the current state of US economy and I think there is more people than ever that are money/savings savvy.
iPod was a success because of its design, easy of use, marketing, but most importantly it was priced about the same level as other MP3 players (I really don't think iPod would be as successful as it is today if it was twice as expensive as competition). I wish Apple well but I believe this will be one of the flops.
So in short, Apple will probably sell few hundred of thousands of them during the first week but then sales will drastically decline.