There may be a bubble in that lots of money may get wasted on ideas that will seem foolish in retrospect. However, iPhone/smart phones have as much potential as the web.<p>One, iPhone is white-label hardware that will get more and more powerful. I believe that property of the iPhone is nowhere close to being fully explored, and we'll see more and more apps that replace other electronic devices, or make a whole new kind of device out of the iPhone.<p>Two, iPhone (and the iPad) is also a new medium. Even the web on the iPhone is not quite the same as the web on a computer.<p>Those two mean there's plenty of opportunity for disruptive innovation in this space for years to come.