ZDNet surmises that the iPhone's European debut will actually be a boon for competing manufacturers. The argument is that, thanks to Apple's masterful marketing of tech features like 3G, WiFi, mobile surfing, integration, etc., it's actually making the general public more conscious of what's available:

At the same time the iPhone marketing campaign has raised awareness about extra features in phones, which can only benefit the likes of Nokia, Sony Ericsson and Samsung Electronics, who have strong portfolios of music-focused phones.

With all due respect, I think the guys at the ZD are overlooking two things: the strength of the iPhone is its relative user friendliness. And let's not forget that Europe is Nokia's backyard. It's reasonable to think that European mobile users have a better idea of what the mobile lifestyle is all about, since they've enjoyed features like inter-country roaming and versatility a little longer than their American counterparts.
The iPhone's jump across the pond may not be a boon for European makers, but neither is it a game-changing threat. If anything, the iPhone might end up as "just" another player in an increasingly crowded market.