A sim management application to copy your details from your old phone into Apple's contacts framework
Vibrating Ring (A must for meetings)
An alarm clock function.
Ability to open/view keynote, powerpoint or word attachments from the email
A screen that can be seen under direct sunlight
SD Card slot for future expansion
A camera on the front for future VoiceCall expansion later down the track
Voice recognition calling.
FM radio so you can listen to live events in non Wifi zones (In Australia this occurs more regularly)
The little silver circle next to the camera on the back that allows you to aim it correctly when taking photos of yourself (sad..but useful)
Stereo speakers to provide decent sound if you wish to use an MP3 alarm.
Finally - I think they believe they feel they have made the right choice using a touchscreen keypad but I have found like many..that you loose that tactile feel. Even the latest O2 Stealth has learnt this lesson and provided keys behind as a slide in addition to a touchscreen keypad...
Without keys you can't dial without looking at the device at this makes one handed operation fairly difficult.
I recommend Apple place a number pad as a slide behind in their next model or work out a way they can exercise the polymers in the touchscreen to provide temporary shape...well I can dream can't I?
Real Users are afraid they'll break the machine -- but they're never afraid to break your face.