Well, I for one am excited about the prospect of replacing a roomful of gear with a studio that fits into shirtpocket-sized device! Only a few questions remain unanswered...
Should I get ARC to correct my room for when I'm monitoring playback out of my iPhone?
Do I need two iPhones in order to have a headphone cue mix?
Will my iPhone support zero-latency monitoring?
How many phantom-powered microphones will my iPhone support?
Will I still need a subwoofer, or can I use an iPad for that?
Do I need iTunes in order to transfer tracks to my computer, or can I just burn CDs directly from my iPhone?