Music features in iPhone???

Hello all,
I am a newly converted PC user (first post), dumped my Vista box for a new iMac and I'm loving every minute of it. I have been looking at getting an iPhone since launch and now that the price drop is out, I think I will jump. (Sorry early adopters, but this does happen in the mobile industry all the time, i.e. Razor).

I do have a question for current owners, does the iPhone already have all the features they showed on the iTouch today? I am planning on getting a new Nano for my running, (Love that new interface), but was wondering if the features, and layout of music on the iTouch was already built into the iPhone. Things like "tapping" and album and getting the song list, the visual volume/playback controls, etc.

If these features are not in the iPhone, has anyone heard if they are planning these in a software update? Since Apple says the iPhone is the "best iPod ever", I think it should be able to do anything exactly the same way the iTouch does. Anyone agree?

Thanks for reading/replying,
Luke

P.S. I think the wi-fi store is coming to iPhone, but can't confirm. Does anyone else know?

EDIT: Steve confirmed in the presentation that it the wi-fi store will come to the iPhone.