Wow. iPhone. Must have one. It's like Newton 2007. I wonder if Inkwell works with it...
Now, if it is possible to write apps for it (or even just web apps might do) this might be an awesome platform for education. A community outboard brain in every pocket. I imagine it'll only be a matter of time before there are Bluetooth laboratory instruments - pH meters, thermometers, GPS, photometers, voltmeters, etc... Your own personal laboratory instrument manager and data tracker. Tied to your blog, Flickr, wikipedia, del.icio.us, etc..
I think for many purposes (save writing term papers) the iPhone would serve perfectly in the hands of students (and faculty). But - I wonder if a wifi-only model might better serve education. We're not going to be providing cell phone coverage for students, but we already have 802.11 spread pretty pervasively on campus...
I tried earlier today to justify an iPhone from work, reasoning that if it runs OSX, that means Apache and PHP should be possible - so it's really just a portable, pocket-sized Drupal server! I don't think that'll fly with the beancounters, though...