When Apple announced the iPhone SDK they also announced that Kleiner Perkins (no relation

) would form a venture capital fund for companies that had something really special coming up for the iPhone. Good plan in my book, and MacRumors has just announced the first two that they are getting behind. I think this is indicative of just how cool things are going to get for the iPhone and really quickly.
First: a "What's happening around me" app - say you're in Vegas and want to eat italian... it knows where you are, it knows what's around you and boom! you got it. There are hints of a lot more social interaction stuff, but no great details yet. Sure, GPS devices have done such a thing, but I think this is the tip of the iceberg.
Second - remote control for devices in your home. No real details on how it works yet, but I'm going to guess that if you have X-10 stuff controlling fixtures in your house, they've built a bluetooth to FireCracker (the serial device that allows your computer to control X-10) interface, or perhaps some kind of a WiFi to network interface - although there are clearly some security concerns around there. But how cool to walk up to your home, say, and turn the lights on before you walk in...
These may or may not be killer apps, but again I think the foretell some really cool stuff on the way... Read more here:
http://www.macrumors.com/2008/05/27/first-venture-captial-funded-iphone-apps-whrrl-icontrol/