According to Apple's phone locator (monitored by Engadget), retail locations in only two cities -- Pittsburgh and Tigard, Ore. -- had any iPhones left before the start of business today; every other shop is clean out. The reduced availability has not done much for after-market prices, however. On eBay and Craigslist, you can pick up an 8 GB iPhone for as little as $650 -- just a bit above Apple's $599 price tag.
Perhaps the (relatively) low prices reflect slightly shrinking demand; with likely a million iPhones sold so far, anyone willing to pay a premium to get it ASAP -- as opposed to waiting for more to come in at Apple Stores -- probably already has one already. And supply, too, might not be truly limited. Engadget reports that retail stores may receive new stock as soon as this weekend. Plus, you can still get an iPhone from Apple's Web site. You've just got to wait a couple of weeks or more for shipping.
So, right. The phone's sold out. But that doesn't mean you can't easily get one.