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As a SharePoint Consultant myself, I have been meditating on what can be done with SharePoint on the iphone. I was also surprised to see how beautiful the sites look on it - soooo much better than what you get on WM. My focus is on diversity in reporting from SharePoint lists and libraries using the iPhone and I see loads of possibilities. In response to the above posts, I think Sue's effort to authenticate on a server that had not certified that phone was to be expected and not relavant to what iPhone and SharePoint can do together - but more a result of security constraints.
I believe that the security of the iPhone 3G is far superior to the current iPhone and may meet the needs of IT groups so that connections to intranet sites/sharepoint sites would definitely be possible after July 11th.