The specs on the phone are good, too bad it is overpriced for what you get. While they announced folders, it wont mean much if there virtual folders in which only the iphone and itunes sees them as a folder but every other app just sees raw data. It needs to function like a windows mobile device in which when you connect the device it shows up as a mas storage device/ external hard drive.
Glass on the back is not good. They already made the antennas external, they should have made the back steel or aluminum so when the device inevitably falls, you wont have to replace 2 glass panels.
While not having video chat over 3G sucks, it is to be expected, you wont be doing much video chatting with a 200 or 2GB bandwidth cap, also the AT&T network wont handle it. 3G also has latency problems. And it will be enabled for 3G when the phone gets jailbroken
The screen is good but I am sure it will have the same problem as apple has with all of it's IPS displays, the backlighting is not even, this causes an uneven contrast ratio and lower picture quality. (even their most expensive displays have this problem)
Multitasking is good but why leave out the older devices? the first gen iphone and ipod touch have more than enough memory and CPU to handle multitasking, (I have a pocket PC from 10 years ago that has a 206 MHz CPU and 32MB ram and it can multitask
Apple needs to add an expansion slot, (an SD card slot will be good)
The camera is actually very good for a 5 megapixel when in normal lighting but they have not shown what will happen in low light. all of the sample images were in well lit environments
And 5megapixel seems to be a little past the limit for their cmos, most of the images have a slight interpolated look this happens when the megapixels are too high for the image sensor, (eg look at a 12megapixel point and shoot camera the resolution is high but at a 100% crop, the image is not sharp and it is not detailed, and if you look at the effective resolution, (meaning the highest resolution before detail is lost, it is generally on par with 8 megapixel cameras
megapixels do not determine image quality. I have gotten cleaner/ larger prints out of a 6 megapixel DSLR than from a 12 megapixel point and shoot. Overall this device would completely take over the market if apple allowed people to install any OS they wanted for it, kinda like how on some windows mobile devices, you can install the android OS.