Cell phone (duh)

Digital Camera — While it's not the best camera phone I've owned, it takes decent 2 megapixel photos. Having a camera phone is a must for parents in my book because it means I always have a camera with me and can snap those spontaneous cute moments without thinking.

Brag Book — Show off all those cute pictures either with the images stored in your phone or use this App to connect to your Flickr account.

Appointment book — The built in calendar will sync to your iCal so you always know where you need to be and can add appointments as you make them.

DS Lite — Letting your kids know that there are games on your phone can be dangerous, but also a lifesaver when needed.

GPS and mapping — I would buy an iPhone just for this feature, seriously. I used the maps every day this summer trying to find my way around new places and still use it now when, in my permanent mommy brain moments, I leave the house without looking up where I am going.

Crackberry — Nobody needs to know you're emailing from the PTA meeting: another if-it-only-did-this-it-would-be-enough feature.

iPod — Keep your own and your kids' playlists handy.

Books — Download and read books or your favorite periodical right on the phone.

TV — Watch those SNL clips, vintage sesame street, or cartoons whenever you need it.

Ooh, and the last reason the iPhone is the ultimate gadget for parents: the thing is basically indestructible — just don't let them "hide" it in the toilet.