"much hyped" suggests Apple did something to exaggerate the significance of iPhone. They didn't. It was you, the media, who voluntarily hyped it, and now trots out "much hyped", as though someone made you do it. They didn't. What little marketing Apple did was restricted to very factual material. Even the TV ads simply showed how to use iPhone in a factual way. Apple is notoriously uncommunicative; not the behaviour of a hype artist.
If you believe in "security by obscurity", there will be no iPhone exploits. Although iPhone has already almost overtaken Windows Mobile phones in web browser usage stats, the level of use is still far, far behind the supposedly "obscure" Mac/Safari combination.
We like to see our suppliers quietly and professionally dealing with security issues. To date there's no evidence that Apple isn't doing this, and the open source foundations add to customer's confidence. Any sign of Apple doing any sweating or scrambling, as suggested by"Dillon Pyron" and "James", would indeed be distressing.