It'll be interesting to see... in several
years, iPodLinux didn't really go anywhere after it was initially put together. But the iPhone and iPod touch are much more tempting targets than earlier iPods.
Between
OpenMoko and Google Android, there are some compelling alternatives that could possibly run on the iPhone (and cough, I guess, for that matter, WM also can be made to run on it).
It may also spur development that extends to benefits in Linux software development outside the iPhone. Certainly, if this generates good multi-touch codebase for the Linux community, that in itself will be a major investment in Linux's future on consumer devices.
As iTunes protected music
is one aspect of the iPhone I appreciate, and my core important feature set (trouble-free syncing of PIM functions, for instance, and simple, highly functional, but elegant interfacing / HIG) has never been a priority to the Linux community, I somehow doubt I would actually run Linux on my iPhone (even though I
am typing from Linux right now).
But I still think it's a good development, and they deserve a round of cheers for what they've been able to do.