Before commenting on its potential success, four analysts I spoke with first struggled to define exactly what an iPhone is.

"If you take the telephone out of the equation, the effect of iPhone will be profound," noted David Chamberlain, principal analyst for wireless issues at market research firm In-Stat. That is to say, Chamberlain said, the iPhone isn't much of a phone but it is an awesome ... something else.

In an industry accustomed to slotting products into narrow categories and measuring success within those categories, the unclassifiable (so far) nature of the iPhone has created a Jobsian, Alice in Wonderland-like atmosphere where t's are being dotted and i's are being crossed.

Herewith, with the help of some highly regarded industry analysts, we'll try to throw a lasso around this galloping pony and understand just what the iPhone is and what its prospects are.

What is the iPhone, anyway?