What can you do with a first-gen iPhone?

I guess a wave of first-generation iPhones is about to hit eBay... Do 
you think the "obsoleted by new model" effect will make them sell for 
less than an equivalent-size iPod Touch?

Assuming it's been used under contract and with all the normal firmware 
etc, is it possible to use one of these without a SIM card? (i.e. as a 
developer SDK target, or iPod / Safari handheld)

Cheers,
Andrew

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