How do you set up Speed Dial keys

There are not "speed dial" keys for the touch keypad, such as are commonly found on other phones with hardware keypads. There are apps that have that function:

http://phobos.apple.com/WebObjects/MZStore.woa/wa/viewSoftware?id=284994083&mt=8

http://phobos.apple.com/WebObjects/MZStore.woa/wa/viewSoftware?id=284916732&mt=8

Note that you can also use a double-press of the home button to directly access your Phone Favorites (if that's the option selected in Settings > General > Home Button).

No, there are no speed dial keys for the iPhone.

However, you can set this up in preferences: A double tap of the home button brings up your favorites list.

amazing aint it? 400$ computer with gps, ipod and a phone can't do speed dial without assistance from generic shortcuts.

and since you'll ask about MMS more than likely, no it can't do that either. At least not in the traditional sense.

Can't really see the use in speed dial on the iPhone since the keypad is not displayed on the screen all the times. So to do speed dial you have to press at least 3 buttons; 1 - phone, 2 - keypad, then 3 - desired number.

This is no faster than hitting phone and then bringing up contacts or favorites (shorter list of contacts). Or best of all setting it so 2 taps of the home button brings up favorites and then its just one more button press to call the person.

What would it gain you? The point of a speed dial key with a hardware keypad is that you don't need to look at the device, you can dial by feel. Without a hardware keypad, accessing the keypad and holding "2" is no different than accessing the Favorites and tapping "Fred" (except that in Favorites, I can see "Fred" and not have to remember the speed dial association).

If you want that feature, you'll need a different phone...

Favorites is the iphone version of speed dial.