In anticipation of today's release of the iPhone, Engadget's Nilay Patel looks at the process of waiting in line -- and the significant amounts of money to be made in the process. On Chicago's State Street, Patel writes. "Jason Cain and his girlfriend Claire Webb-Valez... are being paid $15 an hour (!) to hold a place in line."

And that's just the beginning. A quick Craigslist search in any city nationwide finds dozens of listings of people selling their places in line for hundreds of dollars. $300 for the front of the line in Oakbrook, Illinois ... $250 in Century City, CA ... $1,000 in New York (presumably that includes the cost of the phone itself) ...

Gridskipper's even offering the wonderfully tongue-in-cheek Ultimate iPhone Campout Guide.

And there's even a diversion-causing company that promises to give you a shot at the front of the line yourself...

Philadelphia mayor John F. Street, on the other hand, doesn't like delegating.

More here from InformationWeek ... more here from the San Francisco Chronicle ... and more here from the Boston Herald.

Photo above is from Engadget.