I think Apple will indeed have a completely new iphone to wow the world with, (as well as the mid priced 4s).
With all the great new phones just coming out, and the GalaxySll finally in the states, there is no way Apple is going to spend 16 months to unvail a cheaper version of the 4, (makes zero sense).
That said, I have been an att/iphone customer for 3yrs, but will be racing off to the att store on Sunday morning to pick up a new GalaxySll. I will spend 28 of my 30 days checking it out, and then will bring it back/cancel the new 2yr contract, and reactivate my old 3g. I will then return to the store the following week, grab the new iphone, sign new contract, and see how it is. I have 30 days to like it more than the Galaxy, or IT will go back, and I grab another new galaxySll, and stick with it.
Make use of your 30 days people, BEFORE u sign a new two year committment!