I propose we build the specs for a perfectly ideal iPhone, damn the consequences and ignore the impossible!
I'll start it off... Beware that your ridiculometer may jump around here as some of my specs are way out of the realm of possibility. This is normal. Do not adjust your television.
Connectivity: Unlocked CDMA and GSM: EVDO Rev B/HSDPA/EDGE/GPRS (failsafe), WiMAX/WiFi, Bluetooth 2.1 EDR (with proper device support)
Storage: Integrated 128gb of flash storage, supporting hard drive mode for the computer; support for SD cards and USB flash drives
Power source: Free (to me) energy created by harvesting gravitational energies, hybrid with a lithium battery wirelessly charged (by charge mat or the excess gravitational energy) for use in gravity-less/artificial-gravity environments (considering this phone would be so futuristic, it'd be stupid not to have a spaceship to fly around in)
Display: 3.5" transflective 720x480 LED-backlit
Audio: Integrated Stereo Speakers that are actually loud (perhaps two sets, one pair on the bottom and one on the side that switch orientation depending on how you're holding the iPhone?)
Software: Not necessary to list...we've already seen all the wish lists for this in just about every thread :P
Maybe if this gets combined with the collective ridiculous ideas of every member of the forum, we might bring to life some sort of freak monster that assumes consciousness simply out of our thoughts
(Or I'll get horribly flamed and banned and stalked and shot for coming up with such a stupid idea.

Ah well, I was bored waiting for a program to uninstall on my work computer...figured I'd do something outrageous)