What is the iPhone running, really?

In case you missed it, Apple has a new product. You can’t, you know, buy it or anything just yet – that’ll be about six months. And $500, please. While you wait you can compare it to the competition.

They claim that it runs OS X. Hm. I can imagine there’s a BSD kernel (running on what processor I don’t know), QuickTime, WebKit… but really, how much of the stuff in the standard OS X architecture diagram is actually going to be in that phone?

Of course, I really only care about one thing: will there be a shell?