Except for video recordings, a decent camera, and built-in TV. Those are standard features in high-end phones in Europe and Japan.
In a few years, a company is going to release a CCD that can shoot high-quality 720p video and decent-quality images and is small enough to fit in a phone. When this happens, I guarantee you that the iPhone will have it just like all other cameraphones.
A year ago or so at a mid-scale sushi restaurant some guys sitting nearby were watching the ballgame on their phone, though thankfully they had the sound off.
(I purchased an AT&T iPhone, using it with an Apple agreed carrier in the UK, the phone won't activate anyway)