i tend to think there will be more than enough phones on friday.
my wholly unscientific, non-statistical, gibberish thinking goes like this:
last quarter they sold a little over 10 million ipods. now assume that only 20% of those were the more complex and costlier HDD ipods (2 million) then assume that with a shortened production cycle you cut production by 50% (1 million). then assume that the factory is not running at peak efficiency as this is a totally new line, say they're operating at 40% efficiency, you get 400,000 units.
it's a completely bogus way to look at it because there are so many unkowns, but it does give a little insight in to how apple can deliver millions of units per quarter.
jobs has been quoted as saying they expect to blow past the 10 million mark they set for the first 12 months which means they'll need roughly 2.5 million units per quarter just to meet the demand. if you assume that the holiday season will show the traditional 200-300% spike in demand that the ipod has the past two years then you can expect about 5 million units to shift in Q1 (holiday quarter) theoretically meaning 1.667 million for this first quarter. that's about 500,000 units per month... though is assume linear distribution which won't happen.
so lets say that the estimate is somewhere between 300,000 and 500,000 divided between 1800 at&t stores and 160 apple stores. that would give you between 150-250 units per store if they were evenly distributed. i think apple stores will get the lions share, say average of 1000 for small stores and 5000 for the anchor stores in SF(1), LA(3), NY(2)
30,000 units for the anchor stores
154,000 for the rest of the apple stores
leaving between 65 and 175 units for at&t retailers.
that sounds about right. from a logistics stand point alone apple is going to shift more units that at&t, i bought a laptop and ipod in less time last week than i've bought fast food, which i can't say for at&t stores where the employees are... uhm not as fat.
That, and they get massive revenue to close a quarter. Even the returns won't be reported until the end of the next quarter.
Of course, based on the reviews it seems like this won't be something a ton of people return. Sure, there will be complaints, but it's not a disaster.
apple stated in their last quarterly conference that they would be ammortizing the profits of the iphone and

tv over the course of... 18 or 24 months. don't recall the exact time period. the stated reason was so they could add new features and avoid the 802.11n post-purchase enabling fee they charged. i have no idea if this it's a legitimate reason, or some accounting chicanery.