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I assume that you could easily set up your own home system as a webserver that only you can log into, so any web apps could run on your webserver and be secure, and not cost anything.

Thus I can see GPS apps as possible, the feature list for the GPS app on the phone will depend on what can be stored locally. If you could download audio files ("turn left, turn right" etc...) then it should be fairly easy to make a full featured voice direction GPS map device out of the phone.

Slingbox:

If you have the webserver running on your own home computer, you should be able to integrate compressed video off your slingbox and just view it on the iphone.

Of course with push email, the iphone will act like a blackberry without the blackberry costs.

It should be possible to stream sirius satellite radio (not the internet limited version) over your home webserver from your home sirius radio, so that you could have that functionality.

Should be able to play any video or audio off your computer at home and stream thru the webportal to your phone. Just need to make some apps that control the local (on home computer) content.

I see quite a bit of potential, though next year's 3G version will be even better.