All this will lead, analyst Avi Greengart of Current Analysis told Macworld UK, to "a backlash of sorts as people figure out how much this thing doesn't do." The point isn't that the iPhone will be bad. The iPhone, of course, will be insanely great. But it can't match the expectations raised in Jobs' keynote.

2. Jobs raised Wall Street expectations too high

Wall Street rewarded Apple for Jobs' Macworld keynote by running Apple's stock up by 13% in two days. But expectations on the part of The Street will be dashed just as they will be for consumers.

Jobs made the mistake of specifying Apple's target of selling 10 million iPhones by the end of 2008. The goal sounded modest when Jobs said the goal represents just 1 percent of the global handset market. In fact, it's probably an unreachable goal, given the price, Cingular-only availability in the U.S. and lack of business appeal. To put that 10 million figure in perspective, RIM sold about 5.5 million BlackBerrys last year. And BlackBerry is a brand available in many models from several carriers, has a huge cult following and is sold by the truckload to both business and individual customers.

By setting the bar at 10 million iPhones sold by 2008, Jobs unnecessarily risks the erosion of faith in Apple when the company fails to reach that goal.