Apple iPhone 3GS (32GB - black, AT&T)

Pros: Fantastic for factor, features and overall coolness. There is nothing that compares to this phone when you stack up all the components and features. Everyone knows how great the app store is and it lives up to your expectations.

Cons: Phone quality is terribly unreliable, battery life is limited, speakerphone is weak and not very effective. Dropped calls are the daily norm, as is charging the phone in the late afternoon.

Summary: I have had three iphones now and I can say while the features are all amazing and the app store is fantastic, the phone still lacks the basic component that makes this the best phone ever.
If you plan on talking on the phone with any level on consistency, the battery will not last a day. My profession requires me to be on the phone constantly and the iphone has awful battery life in this regard. Conversely, when you put it into airplane mode, I have gotten over 9 hours of use out of it, so I guess having the phone/3g on really drains it. The standby time is good, but again, the second you start talking, the battery meter start to dip.
If I am trying to talk on the speaker phone it is almost comical since it is so quiet, if there is any ambient noise (ie driving in a car) it is near impossible to hear anything.
I also drop calls daily. I live in San Francisco where cell coverage is great and no matter if I am talking locally or nationally, I will drop on average 5 calls a day which is very annoying.
Don't get me wrong, I think the iphone is the coolest device in the market, but there are several shortfalls that I have had to deal with. I would recommend the iphone for anyone using it for personal use and/or owns a mac. The sync is fantastic and everything is backed up instantly when I connect it to my computer. If you are a business user, I would probably recommend a blackberry since the battery, call quality and speakerphone all outmatch the iphone's capability. I own and use both types of phones so I don't want to seem like I am pushing one or the other, but the simple fact is that blackberry has the best business device. Now when I am traveling and want to use all the sweet apps and the ipod on the iphone, it really shines. Being able to have one device to be entertained, check casual email and surf the web is great, just hope there will be some place to plug in. Having the ability to hear a song on the radio, use midomi to find out which song it is then instantly download it on itunes is great. The ipod is great, and being able to watch tv/movies makes traveling with it easy.
Using Google maps to navigate is awful, and the UI isn't as intutive as blackberry's version of google maps. IE searching for "Food near me" the iphone gets confused and the navigation feature works well very rarely.