Like lots of others, I was ready to buy the iPhone but I'm holding off until June, so I bought a Touch in the meantime. My plan is to sell the Touch once I get the iPhone. I thought about buying the current iPhone as a stop-gap instead of the Touch, but I'm afraid the re-sale value of the phone will drop too much, and hopefully the Touch won't be affected as much (plus it's a 32Gb, which should help it hold its value unless they bump the storage of the phone -- which is probably pretty likely, but I can live with that!).
I've played around with other people's iPhones, and have whiled away plenty of time at the Apple store playing with Touches and iPhones, but having one of your own, loaded with your own content, is pretty amazing!! This technology borders on the unbelievable, compared to anything else I've seen. And the iPhone -- the thought of having all this, plus full time connectivity (via EDGE or 3G), would be amazing enough, even before you consider the phone capabilities! Awesome. People who still say, "the iPhone doesn't do anything other phones can't do" don't know what they're missing.