The features that this new iPhone have were expected when it was announced last year, and are borderline average now. The iPhone should not be "the people's phone".
3G phones featuring GPS are still not the 'norm'. Yes, there are plenty of phones with these features - especially 3G. But when you look at the capacity of the entry level iPhone - 8Gb - and its software features, it's really more than "borderline average".
Take the Nokia N95 8Gb for example. You can buy it in NZ from Parallel Imported for $1069, and it features 3G, GPS, 8Gb capacity, and a 5MP camera. The same features as the 3G iPhone, but with a better camera. It's also very chunky.
When the 3G iPhone comes out, it could be NZ$300, or NZ$400 at the most. Are you prepared to pay an extra $600-$700 for the 5 megapixel camera?
I'm not.