Phil Plait:

So in my opinion, what Jobs said was fine. Soneira, while technically correct, was being picky. So I mildly disagree with him about that. I had to laugh, though: his dismissing (near the bottom of the Wired article) of the Quattro TV’s use of a fourth, yellow, pixel is dead on. When I first heard of that I knew right away it was a silly claim.
Still, the headline used by was clearly incorrect; Jobs wasn’t falsely advertising the iPhone’s capabilities at all. I’ll note that I like Wired magazine quite a bit, and what we have here is most likely just an overzealous editor. But a lot of people read the headlines and it taints their view; someone reading that article may be more likely to think Jobs, once again, has overblown a product to excite people. He didn’t.