The iPhone (or iPod Touch) is a 667MHz computer (albeit one that is only running at 412MHz) with 128MB of RAM and between 4 and 32 GB of flash. For software, it is running a pared down Mac OS X with its standard complement of a FreeBSD-based userland over a Darwin kernel. While some people wonder why anyone would attempt to use it as a Unix workstation, to me and many others it seems ludicrous
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[Source: Just Another Mobile Phone Blog]