iPhone as a music player....same as iPod??

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Thanx Lapierre. Please post your streaming audio results when you get the chance, that is my primary interest in this device. I'd like to know how it sounds hooked up to your system.
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Yes it can. I have had a little bit idiosyncratic performance on the Wadia dock but straight out of the headphone jack no problems at all. It has a little bit brighter crisper sound than the ipod classic 120gb which can be both a good and a bad thing. Also occasionally you will get some strange feedback because of the cell phone signal coming in and out (you can always turn that off) but other than that it does function perfectly fine as an ipod and if you can live with only 32GB I don't think you really need another ipod.

Quick observation Mitch.

I listened to my iPod and new iPhone 3G via B&O BeoSound 1 and I did not notice any major difference. I thought the bass was fantastic and the midrange while playing very loud was excellent on couple of John Mayer songs recorded live.

Note that the IC used for BeoSound 1 requires 5 pin DIN connection which makes average RCA to mini ipod cables pretty lame. Plan on purchasing Analysis Plus iPod/iPhone cable (Silver Oval) for the Venza.