Yes, It's happening as we speak you can get the latest updates via digg.com or engadget.com or any other mac website out there just do a search on technorati.
Some major points
1. A widescreen iPod with touch controls.
2. A revolutionary new mobile phone.
3. A breakthrough internet communications device.
Standing ovation ensues, calls their mobile phone the iPhone and its pretty darn good.
"So that is the iPhone. Pretty cool, huh? We've just started. So again,
touch your music, scroll through your songs and your music."

image courtesy engadget
Updates:
You can also view web pages using safari browser, landscape view to portrait is automatic. wifi and EDGE enabled. Free IMAP email with yahoo, you can find yourself with google maps somehow using the internet. Weather, widgets and browsing. Apple has reinvented the phone as we know yet.
Prices for the iPhone are 8 GB version $599.00 and 4 GB version $499.00, shipping in June. FCC approval yet to come. Partnering with Cingular to sell in their stores or Apple stores.

image courtesy macrumorslive.com
They will try to grab 1% of phone market share worldwide, expected to be sold in Europe in q4 and asia in 2008.
Technorati Tags: apple, iPhone, macworld, steve jobs
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Sounds great and looks like something I would want to purchase but at $600 I wonder if it’s worth waiting till prices go down…