Look before you leap before buying the new iPhone. This is the iPhone that all of us have been waiting for. It promised to address the deficiencies of the first generation iPhone, but does it really?

Here are some reasons why not:

1. Too expensive to own.
Apple and AT&T may have shaved a couple of hundred dollars off the price but they will more than make up for it in monthly fees. If you take into account the regular monthly fee, the data fee, the text message fee, which used to be free, and the $99 annual mobileme fee you could end up spending over $1,000 a year to own an iPhone, that's 200 gallons of $5 gas.

2. Can't use the GPS like a GPS.
Forget about getting turn-by-turn voice directions in your car from the new iPhone 3G. The iPhone SDK makes it pretty clear it’s not allowed, “Applications may not be designed or marketed for real time guidance.” Yes it will superimpose your position on a Google map, or show you the closest pizzeria but what about getting real-time route guidance? If you read reviews for other GPS devices you never come across a GPS that doesn’t provide some form of guidance. There’s a rumor that TomTom may be developing a guidance application but you have to wonder how they’ll get it past the Apple police.

3. Can’t tether the iPhone to your laptop.
Want to save sixty dollars per month for a 3G card for your laptop and use the iPhone instead? Not going to happen—not allowed. Although there are plenty of phones, including AT&T's Tilt, that will allow you to use your 3G phone as a high speed modem for your laptop, the iPhone won’t be one of them so you can add the cost of a 3G card for your laptop at $720 a year to your total cost of ownership.

4. Still no cut and paste.
Cut and paste has been around on Apple computers since the earliest Mac Plus computers. What’s the big problem with implementing it on iPhones? Why is cut and paste so important? Suppose you’re browsing a web site and want to capture some text or a URL, or someone sent you an email and you want to grab some text from it and send to someone else. Not possible on an iPhone. Speaking of email, where’s the spell checker? Predictive typing is fine but spell checkers are everywhere else but here.

5. Wimpy 2 MP camera.
In the world of 5 MP Smartphones and 10 MP point and shoot cameras that you can buy for under $200, why is the iPhone still stuck with a measly 2 MP? That’s so 2003. While we’re at it how come we can’t record video, afraid the non-existent SD card might fill up? The iPhone should be able to stream video by now just like many other cell phones can already do right now.

6. No stereo Bluetooth.
We thought the iPhone was supposed to be part iPod. At least they fixed the recessed headphone jack flaw (and called it a new feature) but the A2DP stereo Bluetooth standard has been around for a while and is missing from the iPhone.

7. The list goes on.
Still no Flash player for rich media content (what grudge does Steve Jobs hold against Adobe). Still can’t send pictures in MMS messages, still no native voice dialing, no mobile TV, no replaceable battery, no flash memory card, and on and on.

Okay, now that I got that off my chest, I feel better and what the heck, so it’s not perfect but it’s still the coolest smartphone out there (other smartphones) and I still want one. I look forward to seeing you on the line.

Enjoy your new iPhone (and here are some accessories while you are at it).