Apple is happily boasting that more than two million iPhones were pre-ordered in the first 24 hours. The practical upshot of this is that most of its initial production run has already sold. If you're determined to have one as soon as it gets released but you haven't already placed an order, you'll more than likely have to queue up at 8am this Friday at the retailer of your choice.
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Orders placed on Apple's Australian site are now specifying a 2-3 week delay on shipping. Telstra says it has sold out of all its pre-order stock, while Optus is only taking orders for the 16GB model. Virgin Mobile and Vodafone are both only taking pre-orders from existing customers, and Vodafone is also quoting 3-week delays if you want the white model.
This phone is going to be on the market for at least two years, so not getting it for a few weeks is no great sacrifice, but I suspect that won't stop some people queuing. Past experience suggests that most people will front up at an at an Apple store, but that isn't always the wisest choice. Phone stores and electronics retailers are also likely to have some stock, and won't have massive queues (or TV crews getting in the way).
If you're contemplating a contract phone, check out our full Planhacker guide to the current contract options.