You know what broke me, when Jobs did the "one more thing" and revealed video calling like it was the second coming of the messiah.. LOL.. I mean really, I've been doing it on Nokias for a while now, and fring does it over wifi too. It's over-rated, the tear jerker ad they showed are probably the few scenarios that it actually makes sense, but really, it wasnt all that grand.
I still maintain;
Sort out bluetooth transfers of contacts /files/mp3s to other phones (not just iphones)
Sort out usb file transfers.
Sort out custom sms and ringtones (without paying for them on itunes)
Get a notifications bar.
and
STOP locking iphones!!
Oh and a free mobile me would be cool too..