What if the iPhone had multitasking? Ocean Observations created this excellent video showing what it might be like. Of course, we'll probably have to wait at least two more generations until the iPhone can actually to do such a thing, but when it happens, this would be just the way to do it., using Cover Flow.
Could it be that the current iPhone doesn't have enough RAM or processor power to execute this? Or could it be that such a handset might be so powerful that it could threaten Apple's desktop products? Put a Mini DisplayPort jack on it, and let it use Bluetooth keyboards, and it could be a full-fledged Mac. Could be product-cannibalistic for Apple.
Short of that, let's hope this is the iPhone of the future. Those forward-looking Swedes at Ocean Observations have another clever suggestion — Springboard Exposé, that lets you quickly choose a screen full of icons: