The reasoning (and it is a good reasoning) is that allowing a hand-held computer with Blue-tooth or similar capabilities as well as a completely open source about the entire project *(necessary for allowing open platform development)* would also allow people to program very very malicious software that in previous uses, they may not have been able to.
What I find funny about the naysayers of Apple (and usually I am one, but I play Devil's Advocate) is that the iPhone is still in it's infancy. When the Ipod came out, it was by no means revolutionary. I remember owning a Rio Diamond MP3 Player. The very first. It was no ipod, BUT, it was closer to an ipod than any of the other ugly monstrosities that came around after it.
Just wait about 2 or 3 years; Steve Jobs knows, without question, that they will open platform development in incremental steps, as securities are found and established.
People put all kinds of info on these phones; imagine a phone that digitally stole that information as you walked by them on the street. It's possible, so be thankful that companies have the foresight to actually do something to combat the abuse of their products.