Brian S Hall:

In other words, Apple is on the cusp of having a billion users on the same platform, their computers always in hand, everywhere they go, connected to each other in physical proximity, not via the web, not via the public switched network, but iPhone to iPhone. I can only begin to fathom the unprecedented innovations we will quickly witness in location-based social sharing, gaming, and commerce.

The iPhone is the true social network. The technology that enabled it all and the product that actually generates profits.