1.No AD2P on the Bluetooth
2.Can’t share ANY (mp3, images,videos….) files via bluetooth
3.Can’t use as a wireless modem, (you pay ridiculous data charges to activate internet on your iphone, but cannot connect it to your PC or mac and browse when you are at home) 
4. No copy and paste,(cannot copy a part of a…. say…. email & send it….have to type it out yourself)
5. No 3.2 or 5 megapixel camera,(the 2MP camera it carries is worst camera i’ve ever seen….. photos look like they have come out of a VGA camera) 
6. No video recording with camera
7. Mobile Safari doesn’t support Flash, Java
8.No removable battery. (You cannot change battery. Have to send it to apple outlet. Its a bloody phone. You cannot live without phone for 2-3 days) 
9. Cannot send MMS
10. Can’t use as external storage device (16 GB of utter waste..next time you go to your friend’s house & find some interesting songs, pics, apps etc…sorry you cannot connect your ‘16 GB’ phone and share it!!!!)
11. No FM radio,
12. Can’t use your mp3 files as ringtones!!!