I think I'll be sticking with my 1st generation 16GB iPhone. The new features on the new iPhone aren't enough for me to upgrade and to pay an extra $15 for practically the same service. I'm not too happy with the increased pricing, but that's what happens when they lower the initial price point of the phone and subsidize and spread the cost out over two years.
I have no use for GPS- I'm smart enough to read a map and figure out where I am and how to get where I want to go. The Google Maps App is pretty awesome as it is. I don't really have a need for 3G- 95% of the time I'm at home or at the office, and we have wifi. I haven't found the EDGE speeds to be too painfully slow- I can wait the extra 5-7 seconds that it takes for a page to load.
Now, if the iPhone 2.0 firmware and the App Store would have been unavailable to me as a 1st gen iPhone user, that would be a whole different story. For me, July 11th isn't iPhone Day, it's App Store Day!
I can wait until the 3rd gen iPhone comes out- that's when I'll upgrade. That one will probably be able to drive your car for you.....