So what does the "i" in iPhone, iTunes mean??

Its just Apple branding. Most of their products in the last few years have been in the "i" family

iMac
iPod
iTunes
iLife
iPhone

etc...

Its the branding for their "consumer" level products.

I'm fairly certain the "i" began with the first iMac (remember all the different colors that were available?), which I believe was short for "internet". Plug it in, connect an ethernet cable to your cable or DSL modem or a phone line for a dial-up connection, turn it on and you had internet access.

The "i" was followed by being included with the iPod name and iTunes, and the rest followed.

Allan is right the "i" was for internet. And for the most part, all the "i" products have been pretty remarkable for how easily they "i"ntegrate with each other and how easy they make it to share our creations on the internet. (Yeah, it's not all perfect, but there's really nothing else out there that comes as close.)

I think it stands for "Idiot", as that is what we are for paying this much for phones. I purchased the original for 600.00 and the new 3G for 300.00... Go figure... But I would do it all over again.

lol i totally agree

"i" = individual. Mine. Just cutesy use of the singular. myMac sounds too... grabby or greedy. iMac sounds more... friendly.