Opinions on airport express?

I was just reading up on the airport express and was wondering if anyone has an opinion on how they are and can also answer a few questions about it.

Can the airport express transmit its own wifi signal? I assume that it has an Ethernet port.

Is there a way to plug an iPhone into it to broadcast the phone's 3G network for use as a wifi signal?

From the travelers out there do you use the airport express while traveling? How portable is it?

If I already have a wifi setup at home using time capsule will the airport express work with that wifi setup or do I have to hardwire it via Ethernet?

Has anyone plugged it into some speakers and used the AirPlay function?

Thanks

Yes, it can create it's own wifi network.
No, you can not tether it to the phone.
It's extremely portable.
You can easily either have it join, or extend a wireless network.
Not speakers, I have a mini-tos adapter plugged into a stereo. It works great, I'd imagine powered speakers would do the same.

!.) YES
2.) Yes the ethernet port comes in handy for TV's and Blu-Ray players that can't be reached by wire.
3.)No
4.) Yes slightly bigger than a pack of cigs.
5.)Yes I am using it with my AEBS wirelessly to 2 AE's for AirTunes to 2 different rooms.
6.) Paradigm was supposed to introduce monitors that the Express plugged into the back of them but not as of this date.

I have one, and love it. My use is slightly different, so maybe I can't anser all your questions, but this is my set up.
I have the Airport Express in my living room, connecting to my wi-fi network router about 12 feet away (50mb connection btw). I have also connected to it, via ethernet, a Netgear media streamer, and from that I can stream all of my content on any connected HD from my iMac, so it is more than capable of that over wi-fi.
It does indeed broadcast it's own wi-fi signal, and so works as a great extender. I have connected to my cinema reciever via optical too, so can stream iTunes from my iMac too.
I don't know about the iPhne, it certainly has a USB port.
Portability is great, not that I have, but it's barely 3 inches square, though the plug is awkward in shape.
From reading what I typed, you will see that you don't need to hard wire it, no.
Airplay is awesome.

I hope that helps a little.

the USB port is designed to pass data to a printer. It won't even charge an iPhone.

Thanks for the response guys. Looking forward to getting one moe