It won't be out until at least the release of firmware update 2.0. They are not going to release it with the current firmware and I would bet my business that they aren't going to release it before current owners are able to update to fw 2.0. That's just silly. 2.0 is coming in late June like Jobs said on March 6th, and I really wouldn't expect the 2nd gen iphone to be released until at least that day.
Why is that silly?
New products almost always get the new software before upgrades are passed out.
It makes old customers on the edge of upgrading impulse-buy a new one.
I do agree though, the 3G will come out with the 2.0 firmware. It's all going to go down long before the end of june though I think.