Apple today announced the iPhone, a PDA type mobile phone running OS X featuring a 3.5-inch 480 x 320 touchscreen display with multi-touch support and a proximity sensor to turn off the screen when it’s close to your face.

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Other hardware/software features include:

Wi-FI and Bluetooth 2.0 with EDR and A2DP
2 Megapixel camera
4 to 8 GB of storage
Quadband GSM with EDGE
Visual Voicemail
Free Push Yahoo! IMAP email
Safari web browser
Widgets support
Google Maps and iTunes
Navigation without stylus- Ignores unintended touches with multi finger gestures

Via Engadget