I would recommend to anybody and everybody to get the 16GB model. Since there's no expandable memory option, you're stuck with what you get for two years (at least in the US on AT&T). I knew 8GB was going to be extremely difficult to get used to when I got my phone, but I got a first generation phone for $250 refurb, so I was willing to deal with that storage hit for saving $250 (compared to a new 16GB).
These forums are pretty good sources for a lot of info on what's coming up and what's out. It's kinda like the pulse of the iPhone community. It's hard to know what all is good on the App Store since there can be so-so apps selling a lot because they're 99 cents or pull the free-to-paid switch. Info on the new firmwares is on here a lot as well as "what did they add?" type things. So basically keep an eye here. Just beware when something like the iPhone 3G is rumored. It will consume the store like a topless Jessica Alba at a frat party would.
I wouldn't worry too much about color. After dropping my phone a couple of times, I'm never using it without some sort of cover again. The plastic one I have covers everything that isn't the screen, camera, or a button. If you select a slightly transparent cover, then maybe it's an issue. But when I get a 3G, I'm probably going for a sweet red one I saw at the Apple Store. Just make sure to use some sort of protection (insert joke here) because you WILL drop the darn thing. My cover saved mine from the mother of all case damage and probably a lovely scratch on the screen. Speaking of which, these screens are NOT CRAPPY LIKE OLD IPOD SCREENS. They will scratch, but only if you do something very bad (like get really aggressive with a credit card trying to put a screen cover on).
Not sure what else I can say other than welcome to the club. There are a few "I wish iPhones would..." things, but it makes life a lot easier than before.
