What did Variety say?

The New York Times:

The iPhone Matches Most of Its Hype.

The Wall Street Journal:

Our verdict is that, despite some flaws and feature omissions, the iPhone is, on balance, a beautiful and breakthrough handheld computer.

Newsweek:

And there it is: one of the most hyped consumer products ever comes pretty close to justifying the bombast.

USA Today:

Apple's iPhone isn't perfect, but it's worthy of the hype.

Jane's Defence Weekly:

While it doesn't kill people (despite what you might have heard), the Apple iPhone should be an integral part of any strategic urban assault plan.

OK, the Macalope made up that last one.

ADDENDUM: Valleywag has a handy scorecard of the real reviews up (tip o' the antlers to Daring Fireball).