Bad:
Assuming they announce the release of a new iPhone, a few more "Who's going to upgrade?" and "Is it really worth it to upgrade?" along with a couple hundred "What's the best way to sell my 3G?"
Oh and let's not forget that the moment 3.0 is released to the public, the few dozen individual "3.0 is out! Go get it now!" that will appear before the moderators can merge them and those that continue to appear along the way before merging. Along with that will come the many "3.0 bricked my phone" and "Is 3.0 really safe to install?"
It will be sad to see the anticipation gone and the complaints arrive.
Good:
It will be nice to see wild speculations end. Don't get me wrong, rumors can be fun, but I see a difference between rumors and wild speculation.
The end of "Will the new iPhone have ... ?" and "Should I buy a 3G now or wait?"
With the 3.0 release (whether that's 6/8 or not), hopefully seeing MMS return and discovering any new little things that may have not been in the betas but appear in the public release.
With the new iPhone (if and/or when ever that is), reading CONSTRUCTIVE, OBJECTIVE, and USEFUL reviews and/or comparisons of the new phone (not to be confused with complaints as others have mentioned above as negative points). *I will NOT be upgrading immediately myself, and will appreciate reading the experiences of more-than-just-novice uses.