JWST observations of nearby galaxies reveal the physics of the interstellar medium and star formation in stunning detail (5-50 pc resolution). I will present early results from the PHANGS-JWST Treasury program (GO 2107; PI Janice Lee), focusing on four galaxies which were observed in July and August. PHANGS-JWST will eventually cover 19 nearby galaxies, chosen for their deep ancillary data from ALMA, VLT-MUSE, and Hubble, among other observations. The PHANGS-JWST NIRCam and MIRI imaging reveal a wealth of detail — embedded star clusters, pervasive filamentary structure, a multitude of bubbles and shells throughout the diffuse ISM. I will highlight some of the key early science results from our team, including new insights into the behavior of polycyclic aromatic hydrocarbons; characterization of filaments and bubbles; the relationship between mid-IR emission, gas, and star formation; discovery of deeply embedded clusters; constraints on stellar feedback and molecular cloud lifetimes; and more.