Sony Ericsson for Mac
On my trusty Sony Ericsson K750i I use Opera Mini for Web access; Salling's Remote Basics for using my phone as an iTunes, VLC, Keynote and DVD Player Bluetooth controller for my Macs; and iTuneMyWalkman for syncing with a Smart Folder in iTunes every morning for podcasts (such as Battlestar Galactica). I use iSquint with custom settings on my desktop machine to output compatible video for viewing saved TV.
It plays AAC, MP3 and MPEG 4. I can listen to the radio on it with comfort, via the hands-free kit I bought at the same time. I can take pictures with the two-megapixel camera for import into iPhoto.
The cost of all this? 200 euros on an 02 contract upgrade from my previous phone, 20 euros for the 3.5mm hands-free plus about 30 euros for a 1GB Memory Stick Duo. The rest was free. The Sony Ericsson does everything I want, and more, and has replaced my old 3rd generation iPod last year. (the installed Media Player does suck as a GUI, though)
The iPhone costs at least 500 euros (guessing) for the lowest configuration and won't be here until Christmas. I might get one in a few years, when the price has come down and the built-in memory capacity gone up. Until then, and despite being enthusiastic about Apple's great kit, I don't think so.
(I may give a different answer once I hold an iPhone in my hand for the first time. Watch this space.)