So it’s happened. After all the hype, buzz and interminable speculation, the iPhone hit stores June 29 to a warm reception by both consumers and analysts. There have been, of course, complaints about the cost of the service package, the lack of coverage and other first-generation glitches to be addressed by both Apple and AT&T. As the initial frenzy recedes, marketers and advertisers are looking to survey the landscape and assess the short- and long-term implications for their businesses.

The preceding month was filled with multiple spots featuring a sleek device and touting its wide screen, internet, mail, mapping and widget capabilities as much more than the sum of its music and video functionality parts. Clearly, Apple is positioning this as a breakthrough product, not just another iteration of an iTunes-enabled phone. Meanwhile, rumors are still circulating about a possible "Google Phone," but nothing concrete has been announced.

What does the introduction of the iPhone signify for the use of mobile devices and advertising? Will Google answer the call with its own product? Will the iPhone be a game-changer for the rapidly growing mobile advertising sector? How might the use of these devices presage the future of media consumption?

Author notes: Derek Leedy is media director of Mediasmith, Inc. Read full bio.