The iPhone is finally here.

Folks were lined up for hours, even days, waiting to get into an AT&T or Apple store at 6:00 pm (ET) tonight to become the very first people on the planet to grab this little gadget.

The pre-release press is certainly impressive. The iphone is an ipod, cell phone, and wireless laptop all rolled into one handy little unit devoid of buttons. It’s probably also a babysitter and five-star chef.  Yeah, I really, really want one. But unlike those who camped out in front of the stores all week, I plan to wait awhile.

The first reason is purely financial. The 4GB unit retails for $499; 8GBs will set you back $599. Oh, sure, they’re compatible with both PCs and Macs, and they’re just about the coolest little gadgets I’ve ever seen, but with service plans running from 60 to a hundred bucks per month, I want to make sure the iphones perform as promised before I cough up that big of a two-year hairball.

Also, I know that there will be bugs. There are always bugs. And after the initial “gotta get it now!” wave passes, I’m hoping the price will drop and/or the service plans will become a lot friendlier.  And I’m hoping the bugs are exterminated.

In the meantime, I’ll still drool every time I see the commercials, and I know I’ll quiver with excitement the first time I actually hold an iphone in my grubby little hand. But my resolve is firm. I will wait — even if it kills me!