Square Announcement disingenuous, or at the very least ambiguous

I agree with the fact that Square numbers are not as impressive they seem, but I keep reading bloggers that suggest that the current Square model is enough to attract high volume merchants, and I can't see that happening: If having an iPhone in the cashier stays as a requisite to use the Square PoS it'll be a long shot to get those kind of merchants.

In the current state it's hard to see how an SmartPhone based product can handle merchants with multiple cashiers or those with ERP integration.

I also support the idea that a really disruptive payment instrument must include an alternative to big card processors (i.e. VISA. MC, AMEX, etc), until then you'll just have a very cute PoS machine.