The features that appear to be missing in the iPhone that I most care about is the search function (both in contacts, calendar, email, etc.). Given Apple's championing their "spotlight" search function, you'd think they'd understand the value of search. I also hope that they have a universal spell checker and dictionary, both of which I find very useful in my Palm 700p (using 3rd party apps).
On the plus side, I think it would be a genuinely new function to be able to show family and friends relatively high-def photos and home movies from my phone. It expands the concept of the wallet photo to new heights.
Finally, the iPhone brings a new level of slick new design to the cell phone with a new type of ease of use that will propel all to be more innovative in designing smart phone-type devices, both at the hardware and software level. Regardless on your take of whether it's been over-hyped or not, there's little question that it will have a positive benefit on the industry as a whole.