While I haven't viewed the video, iPhone was not the first device with touch screen by far.
It's essentially the first multi-touch screen as far as I can recall that's made it out to the general retail.
Single-touch screens on the other hand have been out for ages, look at all the PDAs out there.
(or the DS <.<)
Anyways, I can't see much use being made out of this other than convenience for businesses that prefer usage of multi-touchable screens (which I can't think of any real reason over existing single-touch screens in terms of what I've seen companies use the single-touch ones for, which is primarily hitting individual buttons) over mice and don't want to resort to third-party routes. But then again, it'll also depend if the system requirements for Windows7 are better than Vista if they want this to work beyond standard PCs.