Michael B. Duff

It's the hottest new product you can't buy yet. It's Apple's new iPhone and if you have to ask how much it costs, you probably can't afford it. With an estimated list price of $500, iPhone is not for the faint of heart or light of wallet.

Here's the keynote speech where Jobs announced it.

And here's Steve Ballmer from Microsoft explaining why he's not scared of it.

Ballmer talks tough, but if you look closely, you can see the thin glaze of terror-sweat shining on his head.