iPhone update? missing feature?

So i know the iPhone is fantastic and all, and I certainly have been craving one.. but I just went into a store, and left quite certain that I won't have to buy one for some time.. why? Because the iPhone is lacking, from what i can tell (and was told), what is probably one of the most basic phone features in the most recent past two decades... SPEED DIAL!!!! Can someone please tell me why this is? when they'll be doing updates? if we can expect something like this?

p.s. - i realize that there is a favorites tab.. but that is virtually useless to me, unless i'm only going to be calling 3 separate people total in a given month.