I just ordered an N900 on amazon for $375 (new) it pretty sick. It's not as sleek as the the iPhone, but it has:
-Hi Res Screen (800 x 480, ~267 ppi)
-EDGE
-3G
-Wifi b/g
-Bluetooth 2.1
-FM transmitter and radio (via a hack)
-Infrared Red (IR) Can act as a remote control
-Stylus
-Resistive touch screen (no multitouch)
-32 GB internal storage
-Micro SD card slot
-600 MHz arm processor (overclockable to ~1.1 GHz)
-5 Mega Pixel rear camera
-0.3 Megapixel forward facing camera
-True GPS
-Micro USB port
-TV out
-256 MB ram (768 swap)
-Runs Maemo 5 (a true linux OS)
and I think that covers it as far as the hardware specs. As stated it does run true linux, so you know what that means, lots of hacks.
-Monitor Mode + Packet injection
-Can run Backtrack 5 ARM edition
-Can load android on it
-Can run win 95
-Can run windows app through WINE (Including old games)
-USB Host mode hack (reverse usb port to use devices, keyboards, mice, thumb drive, wireless cards, etc)
-Can Run OSX 10.3 (Painfully slow an unusable, but posible)
-Can run other linux distro (Debian, Ubuntu, Arch, etc)
-Can Play DVDS
-Can Watch Live TV
And those are the big hacks, there are a ton more though. And Cause those weren't enough here are the your tube videos.
Cracking WEP
Android
Running Win 95
Running Quake III
Host Mode Mouse and Keyboard (Quake II)
OSX 10.3
Ubuntu, Debian, Arch
Playing A DVD
Live TV
Needless to say I'm excited