iPhone madness!!!

There are various news sources I came across today reporting that there are people lining up for the iPhone. Seriously?! I mean I know it's a pretty sexy piece of technology and owning one would probably skyrocket your street cred... but is it really worth the $500 price tag? For that much, it better be able to do my laundry. I don't understand the justification behind it. Okay yes, it's cool, really cool. It can do a ton of things, but it is also a first generation gadget... why not wait until all the kinks are worked out? Why be the guinea pig? Additionally, word through the grapevine is that you can drop as much change or significantly less in Korea or Japan etc. and get a phone that not only looks cooler, but does so much more AND is GSM compatible. This leads me to question why there isn't a market in the US for such phones. Obviously the hundreds of people lining the streets in front of Apple stores prove that they are willing to drop serious change on such gadgets. Dear Asia, please bring us into the future and make us cool, bring your stuff over here!