Apple IPhone - Does it live up to the hype?

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Now that the IPhone has been out for a few weeks, and people have had the chance to put it through its paces, I'm wondering if it is worth its steep price tag. As I live in Canada I am unable to buy it at this time, but friends of mine are eagerly awaiting its eventual arrival here, and I am on the fence. Any IPhone owners care to chime in? Has it been worth the dent it put in your bank account?