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Apparently the number of iPhones that Apple and partners had allocated for the "pre-sale" was 600,000 -- and Apple reached that number easily on the first 24 hours of the iPhone 4 going on sale.
Numbers were thrown around of about 2 million and while demand for that number might have been there, the pre-order processes were shut down at 600,000 units.
Still, that exceeded Apple and AT&T's expectations and (as we all know) caused many of the pre-order systems to grind to a halt. The NY Times has a great article up about it here: Apple Gets More Than 600,000 Orders for iPhone 4 - Bits Blog - NYTimes.com