I think as Jobs himself said, the iPhone would have been a successful product if it were simply one of the three products that it was marketed as: the phone, the widescreen iPod, or the "Internet in your pocket." Instead it was all three. In addition to that, they did Maps, Calculator, Calendar, a Camera, Notes, Mail, Stocks, and Weather. And before the damned thing even shipped they managed to get Youtube on there.

I think you'd have to do some pretty cruel and unusual things to the definition of "minimum" to get it to describe iPhone 1.0. That product went way above and beyond what it needed to do to get Apple a foothold in the phone market.