..There's worse.
"The iPhone has a 412MHz processor, 128MB of RAM, wi-fi, bluetooth, and several gigabytes of storage. It has an operating system, and runs applications written in the same programming language that one can use to write programs for any OS X desktop system. The current list of applications available for the iPhone includes wiki software, an office suite, financial management programs, and of course an e-mail client and web browser."
That means I have the right to buy an iPhone! It's specs are better than my laptops.