No doubt the iPhone is an amazing re-imagining of mobile interfaces, sort of the wii of phones. Anyway, I can’t wait to see how the gesture concept works in real life, but the way it is described it sounds very much like the Minority Report UI. The idea of pinching, sliding etc. sounds fascinating.
Anyway, I don’t have a lot else to say other than go and check out Kottke’s post on this, he did a quick cardboard prototype to compare the iPhone to other devices he had lieing around. This is typical of why Kottke is always on my reading list.
UPDATE: Nice little hands on article on NYT

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Multi-touch seen/shown here by Jeff Han…when you get to the photos portion, you’ll see what “pinching” means.
I think Ryan is referring to this multi-touch demo, really cool: http://ted.com/tedtalks/tedtalksplayer.cfm?key=j_han