The Apple iPhone has been officially announced at the MacWorld expo. Reports indicate that the phone is currently destined for the Cingular network initially. Engadget.com has some excellent coverage and amazing photos of the new device. Check out their article by clicking on the picture or link.
If you read my 2007 technology predictions, the Apple iPhone is one of the items that I discussed as having a major impact in 2007.
Updates: You can also visit the official product website here: http://www.apple.com/iphone (Thanks Ben)
Initial reports suggest that the cost of the phone will be $499 for the 4GB version and $599 for the 8GB version.