In some ways this is not quite as good as the top line Nokia's, probably revealing the lack of time that Apple have been in this market.
I've waited until the third version of the iPhone (the 3GS), mostly because I was not willing to compromise on the lack of 'cut and paste'. Certainly I miss things like the voice dialing and voice caller announcement on the Nokia.
Battery life is certainly an issue (recharge each night) but overall the experience is very positive and I wouldn't go back.
The iPhone 4 really does change things again. Basically a huge improvement in reception over the 3GS, it works throughout our house, something the 3GS could never achieve. Don't believe the antenna stuff you may have read.