Mac Rumors has the full list of specs for the iPhone, Read their post here.

System requirements
– Mac or PC
– iTunes 7
– Internet access is required, and a broadband connection is recommended
– Mac: Mac with a USB 2.0 port, Mac OS X 10.4.8 or later
– PC: Windows PC with a USB 2.0 port and Windows XP Home or Professional (Service Pack 2)
External Controls
– Volume Up / Down
– Ringer / Silent
– Power / Lock
– Sleep / Wake
– Menu Button
Dimensions
– 4.5 x 2.4 x 0.46 inches / 115 x 61 x 11.6mm
Weight 4.8 ounces / 135 grams
Input Method – Multi-touch
Operating System – OS X
Screen size – 3.5 inches
Screen resolution – 320 x 480 at 160 ppi
Storage – 4GB or 8GB
GSM – Quad-band (MHz: 850, 900, 1800, 1900)
Wireless data
– Wi-Fi (802.11b/g) + EDGE + Bluetooth 2.0
Camera – 2.0 megapixels
Battery
– Lithium
– Up to 5 hours – Talk / Video / Browsing
– Up to 16 hours – Audio playback
(Battery life varies by use)
Connectors and other input & output
– 30 pin iPod connector
– 3.5mm jack includes audio and mic support
– SIM tray
– Built-in speaker
– Built-in microphone

The specs look just about right to me with little to no surprises. The only thing that is surprising is the 320 x 480 at 160 ppi screen. The resolution isn’t exactly what I would have hoped it to be but I’m sure that the iTunes movies and TV shows will look beautiful on that screen.