It's pretty hot 8/10, and I'm buying one because I can finally own an iPhone without worrying about it bricking or $20,000 bills.
Are you aware that the bills with the 3G iPhone will actually be higher than with the first-gen? If cost is a major factor for you, you should evaluate getting a used first-gen.
The only thing I'm really disappointed in is the release date.....July 11, WTF!? This will be my first iPhone and I actually like the look of this one better than the 1st gen. I also wish they would have added MMS but that may come in the app store hopefully.
It's just that frikin release date!
I'm definitely satisfied with what they have done to the iPhone. 3G and GPS is definitely enough for me along with the App Store.