By far, the iPhone is the most hyped mobile device of all time. The buzz is amazing considering they've only had one commercial. Think of how many iPod/Mac commercials/ads you've seen in the last week. I bet it's quite a few if you watch any sort of television. Even being a TiVo household, I find myself (blip.blip...blip.blip) backwards to watch the "I'm a Mac, I'm a PC" ads. Apple and AT&T must be thrilled with the current hype surrounding the iPhone. If there were ads/commercials, it could have a negative impact. You'd have people showing up at AT&T stores asking for the iPhone (more so than current crop of interested parties). The iPhone has caused a major wireless provider to accelerate their branding change (from Cingular Wireless to AT&T). When you think of the scope, strategy and dollars involved in that, it's nothing short of amazing that a device is driving this change.
When it does hit, it will hit hard. As the CEO of AT&T said regarding launch plans,
"what is likely to be the largest commercial product launch in the history of electronics."
Safe to say he expects to run a few commercials and we might see an ad or two.