I like Mr. Gruber, but this is a little too optimistic:

What is it about this “146,000 activations” number that has rotted out the minds of the business press? If you care about opening weekend iPhone sales, the number that matters is 270,000, which is how many phones Apple sold. As for the effect on Apple’s stock price since the iPhone went on sale, the stock is up. It closed at $122 on June 29; as I type this it’s at $137.

As I type, it's $130 and falling, almost to the level where I'd told myself to buy more. (Aside: I really need an online stock trading account.)

As the register said, are there really 100k people (more importantly, over 1/3) who bought one to use simply as a fancy iPod without a phone? Possibly, but I wonder how many thought they'd get rich quick, buy 'em up, and resell. There are only 527 on ebay right now.

It really is strange. Are there about to be a swarm of returns?