We'll see. Every gen 1 iphone is a used and outdated one. Only idiots pay new price for a used car. Only the 3G iPhones will be a hot commodity, except for used gen 1 iPhones that are being sold for $199 or less by those who upgraded.
If I had a 2G iphone and wanted a 3G when they came out, I'd pay $199 for the 3G and make my $199 back by selling my 2G without phone service for $199 to someone wanting a Touchscreen iPod with camera, mic, and speaker.