The much anticiated iPhone will have to face rough competition when it comes out due to iPhone killers that was released earlier. Take a look at Samsung 8GB T9 MP3 player which was featured on TelecomsKorea website:
"The new T9 can store 16 films (500MB) downloaded from Samsung Media Studio and 2,000 songs(4MB). T9 features Bluetooth connectivity, built-in lithium polymer battery, FM radio tuner, and voice recording. Playing time for music is 30 hours and for video is six hours."
Photo from TelecomsKorea.com
I do agree it will not definitely hurt iPhone's sales due to Apple's cult followers but undoubtedly on countries like Korea, iPhone will be a long gone fad by the time it comes out.