It's a fantastic phone and I would recommend most people to ignore the early (prelaunch?) negative reviews.
Ignoring the full price issue, consider that you get a SIM free phone and are not tied to an expensive package. The phone has a real quality feel to it and the sound quality is extremely good. I found that the upside down screen is actually an advantage as you naturally cradle the phone in your palm using your thumb on the dial/ wheel whilst getting a clear view of the screen. You can turn the phone over for desk use with the screen at the top and reverse the screen. When you plug the phone into the base docking station the screen is at the top and the display turns over automatically.
The camera is a discrete device in the hinge area. You appear not to be looking at the subject when you use the camera: actually a great advantage with many subjects where you want to get informal shots. The pictures are more than adequate for phone or computer viewing. (Want better quality: buy a camera!) Incidentally, the phone does display pictures in full colour: the black blue and white colours are the pre-sets for the menus.
I would say that the only real disadvantage that the phone has is the lack of a speaker for complete hands-free use. What is the point of having a terrific docking station with automatic opening of the phone when a call is received (when in the dock) only to have to take the phone from the dock to listen to the call! It seems that the use in the dock is really confined to web browsing or text messaging. True to B&O tradition (I have audio equipment from 40 years back) the phone will link to other B&O equipment/ phones for contacts exchange etc but wont readily link to any other manufacturers equipment (although there is Bluetooth in this case).
Once you get used to the wheel (and avoid touching it when dialing (as brushing it accidentally will jump the curser and jumble up your typed number!)) it makes for very fast access to you phonebook and the phone menus.
The case for the phone by Louis Vuitton looks like a useless (and almost as expensive as the phone) handbag. There is an alternative by Piel Frama of Spain for about 65euros, but it relies on a plastic belt clip. I'm still looking for a sensible protective pouch for mine. Any recommendations?