Lifehacker offers a perfect solution for anyone jonesing to get their paws on an iPhone but unable to get one or unwilling to spend the money on one. Use a Windows Mobile Phone and skin it to look like an iPhone.
You will only have some of the iPhone's eye candy and not all of the iPhone functionality. But keep in mind, there are a lot of people who will spend half a grand to gain an iPhone solely for its look. How many people are actually going to chew up their phone battery using the iPhone's additional features.