That was fast, the first 3rd party iPhone application is out, it's a terminal app, nicely done - round up here... Link.
Also worth mentioning - Erica (MAKE author, MAKE tech board) and TUAW blogger is doing amazing work with the unofficial Apple iPhone SDK:
































This is great stuff! I posted some screenshots I took with Erica's screenshot utility here.
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There is actually a third party application that lets you get your entire iTunes library on your iPhone.
I've had it running on my iPhone since i got it and I've been watching movies, playing all of the songs from my library, videos, everything.
Find out more at http://www.dottunes.net
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