Would you buy an iTunes capable phone?

The Mac community is eagerly awaiting the special media event Apple has planned for July 7th (or is it today?), as well as what might be announced there.  One rumor is that the much discussed (but as of yet still unreleased) iTunes capable phone will finally be formally announced by Steve, or even released. My question to all of you is, would you use such a device? My iPod does a great job of playing my music already, and I certainly don't need two devices in my pocket that perform this function.  I know that, of course, a phone does more than play back music, but I can't see plugging headphones into my cell phone so I can listen to music. Like I said, I already have something that does this very well. Unless it has features that really blow me away, I won't be getting an iTunes capable cell phone.

What's your take? Am I missing the big picture? If my phone and my iPod can both play back music, what place does the iPod have? Certainly a phone would be superior to an iPod as it has greater functionality. Of course, an iPod has greater storage capacity. So, what's your opinion on an iTunes phone and would you use one? TUAW wants to know.