Despite the long line-ups and staggering amount of hype about the iPhone’s launch, I’m still taking a wait-and-see approach before I jump on the bandwagon. Here’s why:

1. It’s expensive: With a starting price of $499, the iPhone ain’t cheap. Then you add on another $50 to $100/month for data/phone service, and you’re talking about another $1000 to $2500 over the course of a two-year contract.

2. AT&T’s Edge network: Truth be told, Edge isn’t fast enough to do all the wonderful things the iPhone can offer such as a real Web surfing experience and high-quality streaming videos.

3. You’re locked in (or locked out depending on our perspective): Even though AT&T operates a GSM network, you can’t take the SIM card out of the iPhone and then put one in from another carrier. What a nice way to lock out a huge audience of potential users.

4. The Walled Garden: If you’re looking to personalize the iPhone with applications that don’t come with as standard features, you’re out of luck.

5. Supply and demand: With so much pent-up demand, Apple will have to do an amazing job to ramp up production quickly or manage consumer expectations.

6. The Blackberry is Better: If Research in Motion can introduce an even more consumer-friendly device that includes a better MP3 player and Web browser, then the iPhone will have a serious rival in the market.

Update: Robert Scoble has a iPhone. He’s clearly impressed: “when you open your box you’ll realize that Apple has changed the way we all will look at mobile phones forever”. TUAW, which provides a fairly extensive first-impressions reviews, calls the iPhone wonderful. Meanwhile, my friend and Talking Tech partner, Kevin Restivo, is hoping to pick up an iPhone this weekend. Good luck, Kevin!

Update: Scott Karp believes Apple will take over the wireless industry. He contends the iPhone will get cheaper and that Apple really wants to sell an unlocked version.

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