The quick answer is no, it's a mini iPad2. We use our 'phones' for everything BUT phone calls, so this is no surprise. As a loyal Apple fan from way back in the dark days of the 1990s, I don't believe the iPhone has lost it's 'cool' factor. HTC, Samsung and all the others including Microsoft have tried and failed miserably in competing with the iPhone.
The reason is the same as the reason Macs are better than the rest: the tight integration of the OS and the hardware. No one else has done this except for Blackberry, but they were stuck with an antiquated OS and failed. The new iPhone4S does everything you want a portable device to do, and then some. With the iPhone and iPad, I expect that some casual computer users may very well abandon their desktop PCs and their overweight laptops.
There just isn't any one else out there giving Apple reason to worry, and that includes Amazon with their new tablet. As this country continues to go through a tough economy, we can take pride in the fact that an American company shows the kind of leadership we wish our politicians had.