I've actually answered this one in the other threads on the lawsuits but I will sum it up here for ease.
1. It is a timing issue, but it's a timing issue on at least a couple of different areas.
A) I would suggest that the 3G issue with regards to calls dropping and data speeds haven't for the majority of people gotten worse. They are the same or better than when they purchased the iPhone 3G. There are a very, very small percentage that may have ended up with worse problems with worse network issues following the 2.0.1 and 2.0.2 updates but I would estimate that number is less than 0.5% (and that is probably high and not network related and could probably be fixed by getting a replacement iPhone from Apple under the warranty).
If this is true, than the people suing had 30 days following their purchase in which to return their iPhone because of the network quality issues and not incur an ETF while also being able return the equipment. If they chose to not do this, they have implicitly accepted the crappy network and would have no standing to sue.
B) As you point out, I likewise agree that it is too early in the process and not enough time has passed for AT&T or Apple to address these issues with an update. I know many won't like to hear that, but it's just my opinion so don't go flaming me for it.
2. Everyone needs to read the contract they signed with AT&T. The TOS (part of the contract that subscribers sign) call for binding arbitration rather than court. Additionally, the TOS specifically state that the parties agree that class action suits are not permitted.
3. Apples software licensing agreement specifically limits Apples liability.
4. Apples hardware warranty also limits Apples liability.
I discussed items 2, 3 and 4 in one of my prior posts and you can actually read AT&T's TOS, the Apple Software License Agreement and Hardware warranty
here.
IANAL, so whether any of that would be upheld in court I have no idea but I can tell you that given all 4 of the above, it becomes the burden of the plaintiff to prove that these particular items should be disregarded. I just don't think we are too that point yet.
At the end of the day what will matter most is whether Apple and AT&T fix the issues. If you know anything about the US legal system, you know that it will take at least a year before class certification (assuming that the cases don't get tossed) and then you are looking at no less than 3 years before it goes to trial.
That does not mean the issues go away or that if Apple releases 5 new models of iPhones between now and then that the case becomes moot, it doesn't. But if in the next 3 - 4 months Apple and AT&T fixe everything and make it peachy, a court is probably not going to let these cases go very far. I am not saying it would be okay for it to take 3 - 4 months to fix or that I think it will take that long, just that I think a court is going to say the issue is moot if it is fixed in that amount of time.
But again, IANAL and YMMV. Don't flame a guy for his opinions.