iPhone announced at MacWorld 2007!

OK, so it's not environmental and everyone else already posted this yesterday, but being an avid PDA user and a Newton user from days past, I feel a need to weigh in.
The iPhone looks to be indeed revolutionary as Mr. Jobs is touting. Widescreen video iPod. Phone. Interned communications device. 4-8 gb built in memory. Wi-Fi. Bluetooth. And what I'm most impressed by - the high-resoultion, "multi-touch" screen. Take all of that and wrap it in the typical apple-ly stylistic manner and you have an amazing device.
A few questions that I'm sure will reveal themselves as the iPhone comes out with the usual cultish behavior from apple fans (I'm only partially in the cult).
How will the purported "OS X" be implemented? Will it be easy to develop 3rd party applications? Will I have medical software? Can it really compete with Windows Mobile? Where in the he%$ is the handwriting recognition? Hello? Apple started the PDA thing with the Newton! The processor hasn't been revealed, will it be fast enough to handle this "OS X" when taxed with more advanced apps? Most importantly, where can I get one without having to sign up with Cingular? T-Mo has better data plans and the coverage is the same (T-Mobile has unlimited data for $20-30/month, Cingular's is $45/month).
No more drooling. Although the iPhone looks delicious as Apple's offerings usually do, will it really stand up when put to the PDA test? Then again, does it need to - do people just want a sweet-looking wide/touchscreen video iPod Nano slash phone or do they want the power and customizability of Windows Mobile? I was a Newton guy for years until Jobs killed it, went straight to PocketPC (now Windows Mobile) skipping Palm OS altogether. If Apple mistankenly(not a spelling error) locks the iPhone down, not allowing 3rd party applications and limiting platform development, it will lose the business and power-user sectors and will be reliant on the die-hard apple fanboys and the pocketbooks of middle-class teens' parents for their marketshare.