All Apple's iPhones cons at once...

General:
- Two-year commitment required for activation (whatever country you get it)
          - Except in France where you can buy it on retail version (For more than 1000$)
- Most of Operators contracts will not allow illimited Data with iPhone
- No third application allowed (until famous SDK in february)
- No Instant Messenger Program
- Chat substitute uses expensive SMS (Web alternatives available but don’t signal on incoming chat invite)
- No Java support
- No Flash support
- No Games
- No webpage reformat by Safari (for convenient viewing like Windows Mobile IE's one-column view)
- No Landscape mode in all applications
- No full-screen view in browser (Large button strip always present)
- The mobile version of OS X or whatever it is the iPhone runs takes up 700MB of the device's capacity

Business/Office:
- No Excel/Powerpoint support
- No way to Edit Excel/Word/PDF files (just a viewer)
- No Exchange/Blackberry servers support (only Pop3/Smtp and iMap)
- No Text Select, Copy and Paste between applications
- Spelling errors are not flagged in text
- Cursor positioning inside editable text is difficult

Communication:
- No 3G (Only EDGE). We know you know, but still, it hurts man.
- No GPS functionality (Google map is not a GPS application)
- No Wifi/OTA Sync With iTunes or other iPhones
- No Sync/Printers/Keyboards support over blueTooth
- No way to download, upload, or store data thru Web apps
- No way to save Web pages for offline viewing
- No VoIP support for Wi-Fi

Settings:
- No way to use mp3 as ringtones (even if you spent hours to convert them thru iTunes)
- No airplane mode
- No voice dialing; full hands-free operation impossible
- No External mute button

Hardware:
- No removable battery
- No High resolution camera (2 MP only)
- No expandable memory
- No A2DP (Bluetooth stereo) support
- No TV out
- Headset jack not phone standard
- Not addressable as USB storage
- Phone audio quality subpar
- Its Storage Capacity is low (Rivals iPod Nano, not iPod)
          - iPod Nano (4GB/8GB)
          - iPod Classic (80GB/160GB)
          - iPod Touch (8GB/16GB)
- TouchScreen not so accurate:
          - Can't adjust parallax (finger/screen offset)
          - The Keyboard is Unproven (not for SMS addicts)
          - You need 2 hands to make it work (held by 1 and controlled by the other)
- iPhone pairs with MacBook Pro Bluetooth, but offers no supported services
- No buttons = No way (with actual accessories) to browse songs without getting your iPhone out of your pocket
- Not ecological (see greenpeace articles about apple)  

Media:
- No video capture
- Quality of camera is poor:
          - No digital zoom on camera
          - Focus distance limited
          - No exposure control
- No mp3 support (you have to convert them thru iTunes)
- No MMS support
- No streaming audio/video support

Note: 
I haven't used it myself and I don't want to (It's just a wink at my friends before they buy it, cause I know they will) ;)