Well, it's officially here. The iPhone 4 officially launched today, to the delight of thousands of people. Reports are flooding in from all of the initial launch countries (USA, UK, France, Germany and Japan) of long lines, crowded stores, and joyous people clutching their prizes like a 6 year old getting their favorite toy at Christmas.

But the story is not all happy-go-lucky. Reports of retail stores having no where near the expected stock on hand of iPhones and various problems with the unit itself have been cropping up all over the internet. Walmart, Radio Shack, and best Buy, the biggest in the chains expected to carry the phones, only had them in limited supply at select stores. Best Buy seemed to only have them available for the preorder crowd and Walmart is reported to have only had 8,000 total phones spread across 1,500 of their over 4,000 stores.

Then there are the issues with the phone itself. The biggest complaint has been the loss of signal when holding the phone a certain way, as the metal that rings the outside of the phone also acts as an antenna. Most people are getting "don't hold it that way" as their answer to the problem, although getting a rubber case also seems to help the issue. Other complaints have included yellow spots on the screen (residue from the manufacturing process reported to go away with time) and lack of Bluetooth connectivity.

Time will tell whether some of these issues will improve, but for now a big Apple launch has gone with the most important goal: huge sales.