Apple posted a new KB article on Friday outlining the features that each version of the iPhone supports. We'd add that jailbreaking an iPhone/3G gives you perfectly acceptable, though unsupported, video options.
Notes:
Peer-to-peer connectivity requires compatible applications, which can be downloaded from the App Store when available.
The original iPhone does not support using Bluetooth for peer-to-peer connectivity. It can use Wi-Fi and cellular data networks for peer-to-peer connectivity.
MMS is not available in all areas; fees may apply. See your carrier for availability.
Internet tethering is not currently offered in the United States and some other countries. See your carrier for availability.
