Remember all the fun you had standing in line to get a Wii because Nintendo couldn't put them out fast enough? Sweet, because if you want an iPhone, you're going to get to do it all over again.
On top of no pre-orders, Merrill Lynch (respectable analysts, but analysts nonetheless) is estimating that Apple will only be punching out around 200-300 thousand iPhones a month initially before speeding up to a million by the end of the year, for a total of four million shipped this year.