Fron the Learning in Hand blog:
I thought it would be interesting to compare iPhone 3G S with one of Apple’s desktop computers from 20 years ago, Apple IIGS. The “GS” in IIGS stood for graphics and sound. However, it’s clear that today’s iPhone is much better with graphics and sound. The “S” in 3G S stands for speed. Compared to IIGS, 3G S certainly is the speedier computer. The similarities of these two computing devices pretty much stop at their names.
Hit the link for a table comparing the specs between the two products.