Don't Buy Apple's One-Trick iPhone Pony

So one has to ask, as Alan Murray does in The Wall Street Journal today, why the iPhone was announced so far in advance of its actual introduction in June 2007.

Last Tuesday's announcement also runs the risk of both the smartphone and iPod markets freezing up over the next few months.

And looking beyond the wow! factor, one has to question many of the features of the iPhone product. I suspect that in the fullness of time there could be even more flaws than I mentioned in my article yesterday.

From my perch, the market's very favorable reaction to Apple's iPhone is yet another example of disbelief being suspended ... on the Street of Dreams.