This is one of the best and well balanced articles I have read on the iPhone's impact on th industry:

http://rubiconconsulting.com/insight...is-easily.html

Lots of interesting tidbits, many favorable and many unfavorable to Apple, but things I took particular note of are copied below. I was particularly glad to see the ones in bold though as they are what I had always assumed but never really had anything confirming my assumptions before.

-Based on the findings of the study, AT&T is probably getting about $2 billion in incremental yearly service revenue due to the iPhone deal, and that figure will increase as more iPhones are sold.

-In the early days of the PDA market, many people predicted that PDAs would replace notebook computers. By and large, it didn’t happen; a PDA was not a good enough substitute for the core things that people did with notebooks.

-We think Microsoft should probably decide whether it wants to compete in devices (in which case it will need to create its own phones, as it did for music players with the Zune) or compete in operating systems (in which case it will probably have to give away Windows Mobile for free).....Both alternatives are very high-risk, and require business models that are outside Microsoft’s core competencies. The company’s recent purchase of Danger, which designed the TMobile Sidekick, may indicate that it intends to go the device route.

-Apple and RIM approach the smartphone marketplace from very different perspectives. Apple’s device is entertainment-centric and, as this survey showed, it sells to young people. RIM’s devices are communication-centric and have traditionally sold to businesspeople in a higher age bracket. There has been a lot of media speculation of a smartphone war between RIM and Apple, but actually they occupy very distinct territories in a highly segmented market.