The 4GB and 8GB versions of the Apple iPhone are priced at $499 and $599, respectively.

When the iPhone was announced, Apple's stock rose more than 7% on the day. RIMM, the maker of the BlackBerry, fell over 6% and lost $2 billion in market cap off of news that didn't even relate to them. Palm, the maker of the Treo, also fell nearly 6%.