Scoble just posted an entry on why he hasn't got a Smartphone yet and it kinda rings true for me. Here are my needs/likes/wants for a phone...

Needs
- Gotta have Bluetooth. I use my phone with all my other devices to access the internet over GPRS. Bluetooth is a must have
- Gotta be a phone and not some chunky PPC like thing. I am a divergence kinda guy more than a convergence kinda guy. I am happy to carry multiple 'Best of Breed' devices rather than a single 'Jack of All Trades  Master of None' device. I don't want qwerty keyboards or any of that bollocks... I'll be carrying a Tablet or Pocket PC most of the time anyway.
- Compact Framework and Smartphone 2003. Kinda goes without saying... If I'm buying a programmable device I want the latest service packs etc.
-MP3 Player. This is about the only area where I think convergence works for me.... I see no need in having an iPOD like device with multiple Gigs of storage. I am going to be syncing often enough to refresh my music regularly.
- Decent battery life. It's a phone after all, my current phone does 4-5 days..... I don't want to lose too much of that time with a new device.

Nice to Have
- Camera. I like the Mobile to Blog idea that Casey has been doing
- WiFi. I can make do with Bluetooth but my primary Home Area Network is WiFi so I can lose some radio interference by sticking to WiFi for Syncing