From the press release:
Apple today introduced iPhone, combining three products—a revolutionary mobile phone, a widescreen iPod with touch controls, and a breakthrough Internet communications device with desktop-class email, web browsing, searching and maps—into one small and lightweight handheld device. iPhone introduces an entirely new user interface based on a large multi-touch display and pioneering new software, letting users control iPhone with just their fingers. iPhone also ushers in an era of software power and sophistication never before seen in a mobile device, which completely redefines what users can do on their mobile phones.
Probably the best product announcement in modern history. And I sure miss Macworld, it always had so many cool little hardware and software introductions that were built specifically for the Apple users.