expecting iPhone to do what iPod did to apple is a mistake
1. when iPod was introduced it was out of the world cool design with no one at number 2 place. This is not true for iPhone. You have excellent products nearly as similar as iPhone - check out HTC Touch , LG Prada and Blackberry has something out also.
2. Having a closed technology architecture was not that important for iPod. There was just one application on the iPod and Apple provided the software for the application - iTunes Free. This is not going to be the case for iPhone. Dont expect Google Maps to be release on iPhone anytime soon. Also if you are using some other software like Salesforce.com on your mobile. Forget it to be made avaiable for iPhone.
3. and lastly - APPL was the dark horse at the time of iPod. It now has the problem of higher expectations