What will not be in the iPhone

Will not be:

Songs as ring tones
Games
Flash support
ICQ Messenger
Mms
Video recordings
Voice dialing
Bluetooth stereo (A2DP)
3G (EV-DO / HSDPA)
GPS
Real keyboard
Replaceable battery
Expandable memory
Direct access to the iTunes store via EDGE or WiFi (via computer only)

Sources:
WSJ Review
NYT Review
USAToday
Newsweek