And sometimes it doesn't. As a proud user of the first gen iphone for over 6 months now, the experience has been nothing short of outstanding. Yes there have been harrowing incidents - random phone crashes, UI not responding during an incoming call, ipod randomly starting (def embarrassment potential when you're in a meeting) and other more alarming cases (phone locked up and died during an Installer upgrade), but the following pros outclassed these cons: the UI, multi-touch, the funkiness of scrolling through your contacts with a flick of a finger, the convenience of managing your texts as an IM conversation, a full blown browser, watching movies etc. Absolutely no other phone has been able to deliver so much functionality in so much style, which is why I've got zilch regrets about being an early adopter.

I completely agree with the guy above.Being able to unlck and screw around with my iPhone is a joy of its own class.
Agreed, there are bugs and random throw ups but nothing beats the functionality of a phone which no else on the street has :P
I have no regret that i bought mine a bit too soon...