You will need to get a new mini-SIM from the AT&T store, but unless you're completely wiped your 3GS, you shouldn't need to re-activate. You just pop the new SIM into your 3GS and it should be ready to go.
If you have wiped your 3GS, then you just reactivate and you're good to go.
Don't panic. More likely than not, your iPhone 4 will be just fine. This is the fourth time this cyclical hysteria of people finding "massive" iPhone failures has happened. It never fails. In the end, the threads die off, the bloggers and "analysts" get bored and find some other shiny thing to speculate about whether x chip was manufactured incorrectly or not, no massive recall of "defective" iphones ever occurs, and yet somehow the mast majority continue to use their iPhones just fine.
Next to come are the threads of people who've exchanged their iPhone 4s a half-dozen times or more after finding some teensy quirk that drives them OCD-crazy, and don't get the hint after the 9001st exchange that their expectations on hyper-perfection will simply not be realized. I guarantee it: this happens every time and ends up amounting to nothing. Though, it might take a bit longer this time around for exchange unit inventory to populate the stores.
I think the best advice anyone can give people who are waiting in line, obsessing over defects, or doing any of the other classic iPhone-launch-OCD behaviors, is to just relax, and chill a bit. All these lines that have formed, and most the complaints about network performance tned to ultimately rest on the fact that so many people are obsessing about this particular piece of expensive metal and glass. At the end of the day, it's just not that important.
And if you're one of those people who are about to fire back with "WELL FOR A $599 DEVICE IT BETTER BE PERFECT!!!" - then you're exactly the demographic I'm talking to. You're parting with hundreds of dollars and you're incredibly stressed over it. Is it worth $599 and all this hassle to not be happy?
It took me being separated from my iPhone - and having no mobile device to speak of - for a week and half to come to that realization. It's amazing how being unplugged for a while resets your mindset, and helps you be way less stressed over things. The iPhone is an amazing tool and I still wouldn't prefer to leave it behind, but I'm not not going to let it rule my life, nor will I deprive myself of sleep to stand in an outrageously long line and probably (not) get one.