Apple finally released the new iPhone Friday. Thousands waited outside of stores prior to it’s release in hopes of getting one of the first. Luckily, Apple reportedly had a whopping 3 million available on release. Furthermore, they are expected to sell 12.4 million in 2008 as well as 45 million in 2009 according to Piper Jaffray’s Gene Munster.

I have to admit, the iPhone does sound appealing at first. From what I’ve read so far, Apple has backed up everything that it boasted about. For instance, it has a larger screen than other handheld devices, as well as built in Wi-Fi and a complete browser. It certainly looks as if iPhone will be a contender with the other competition.

Where the iPhone really falls from the “oh I must have it” stage to the “yeah, I can do without” stage, is the price. To purchase a 4GB iPhone, you’re going to have to lay down $499 (not including the service plan that can range from $60-$100). For an 8GB, you can expect to pay $599. That’s way too much than what I’m willing to pay. Would it be worth it? In some ways, probably. But I’m not about to blow that kind of money on something from Apple.

Surely, the iPhone will turn out to be a success on some level. There are enough people out there willing to pay for it no matter what the price is. It’s the “next big thing” in the minds of most and you have to give Apple credit there. All of the advertising put it over enough to where people just have to have it.