While I think this is cool (and I used to do linux kernel work, before moving to product development, mostly iPhone app dev these days, so you really don't get how cool this is to me), I don't see why you'd want to do this: 99% of the good stuff in the iPhone is the software, not the hardware.
Very true. I have a Linux phone (Android) and I must concur that it sucks. I really regret buying it. Particularly since HTC has done an Apple on me and made it extremely difficult to install a new ROM.