for the current iphone: no copy-paste no a2dp no video recording no voice-dialing no mms no removable battery low res camera no flash on that low res camera no removable memory no java
And last but certainly not least: locked to ATT's network.
You would think that these would be some of the first features put into the iPhone, I mean... c'mon these things are a no brainer. Whoever is in charge of this stuff should be canned.
On another note; I can't wait until the contract between AT&T and Apple is over and they release this on Verizon -- and the sweet thing is that by that time most of the improvements should have already been made.