News that early sales of iPhone didn’t meet expectations doesn’t come as a surprise to me. I realized over the weekend that I haven’t seen any iPhones anywhere. Now I haven’t traveled much so this means anywhere on the streets of New York and eastern Long Island, but still. I heard about that story of an iPhone getting run over and still working from a woman in her early 20’s, but she had just bought an LG or Samsung cell that day and had given another to her mother.

So what’s up? Where are the iPhones given the extraordinary marketing of them by Apple? Maybe there are tons of them on the streets of San Francisco and Chicago. Please let me know if that’s the case. But if there aren’t maybe the reason for the paucity of iPhones is that most of the working people in the East are addicted to their TREOs and Blackberries—they need to be plugged in to email for their work and friends. As we all know by now, the iPhone isn’t corporate-ready yet. This is a really big reasons why working people are buying them. Once this changes and we can all plug right in, I believe the iPhones will be all over Wall Street, Madison Avenue and East Hampton. But not yet.

Also, a lot of my techie buddies are really disappointed in the web-access of the iPhone. So slow. So inadequate. That disappointment, I believe, is seeping into the first-adopter culture. One guy (sure, a guy) said his experience was “a bummer.” He’s telling his friends to wait until a 3G version comes out and you’ll be able to really play on the web.

I dunno. I was able to play with the iPhone months ago and it blew me away. So different, so intuitive. I was bothered by the lack of a physical keyboard, since I do a lot of emailing and texting. I couldn’t quite get my fingers right on the screen for the few minutes I had the iPhonei my hand. So check out David Armano’s visualization of an iPhone with a querty keyboard at his blog. It’s democratic design at its best.

Yet the hype over the launch may have been too much, given the limitations of the first phase phone.

Investment bankers are masters at under-pricing and under-promising stock offerings so that they pop when they hit the market. The opposite may had happened with the iPhone. Did Apple promise too much? Was the marketing too hot?

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