I've got it on good authority that an iPhone ad is being shot today by a big name director. It's probably Apple's traditional ad agency, and the only thing that my source and I can't confirm is whether this is for iPhone 2 or the first gen. I'm guessing it's for the second generation given the scope of the ad's resources and the timing.
I found the script for the new commercial.
(Spaceship stands in the woods, surrounded by Elliot, his mother, his brother and friends with the iPhone standing there. iPhone turns to Elliot) "I'll.....be.....right.....here" (iPhone proceeds to ship, which flies off, leaving a rainbow)
(iPhone is sitting on a horse, and promises to rid the world of Windows Mobile.)
Citizens of small town: (all together) Viva! Viva!
(iPhone rides off into the distance)
(Ben-Hur and other captives are being led through the desert. Ben-Hur falls over. Rectangular shadow of iPhone looms over him)
iPhone: (in Steve Jobs' voice, handing him bottle of Evian) Drink up, Judah Ben-Hur."
(Ben-Hur drinks, then looks up at iPhone.)
Ben-Hur: You Truly are the King of Kings.