I had ordered my White 32gb Iphone on Jul 3, 2009 at 06:44 PM PDT and at about noon central time it changed to Prepared for Shipment! Seems like a long time but the estimated dates look stop on. I was worried for a while because it has taken so long but talked to a super nice, super helpful apple rep and they told me the 5-7 business days is for the processing not shipping(which I thought it was for) and that they have been backed up on orders. For the confusion they upgraded my shipping to next day! Like I said very nice rep! I am so anxious!
FYI only time my shipping date changed was after I got off the phone with the rep, it changed from jul 14-18 to jul 14-16