From the consider the source column comes this post from Valleywag surmising about why there was no magazine cover story on the announcement of the iPhone. Most of it, particularly the speculation about why individual writers didn't get tapped for the cover, is bunk. My (total speculation) is that the product was not going to be available, and Steve and company know better than to have a bright shiny cover photo if there is nothing to buy. Their last point -- controlling the expectations that have been built -- is really the key one.
There *is* such a thing as too much anticipation (remember Origami?) and that can be as bad for a product as too little anticipation. Somewhere in the middle..that's the ticket!