Hang on a second, there's always an event in the middle of the year - you'd better wait until around June '08! You'll be sorry otherwise!
Seriously - it's technology. There's always something new, something better. Just sell the old on eBay and get the new, that's what I always do with Apple kit, and luckily Apple kit doesn't really lose much value as it goes along.
-Leemo
I usually agree and buy right away but the iPhone is SO NEW and relies on another party's service (ATT or O2). There are a few kinks. I have two friends who have iPhones and they are beautiful (a few glitches), but this is not like an iPod or iMac update. For that price you want the improvements which will come in version 2. Yes I know some will then say wait for version 3 but I still think the better iPhone will be the next one for sure. You are all testers right now.