You may want to revise your thinking. Unfortunately I had the opportunity to buy an iPhone opening night, and I wanted to sleep on it. Which ended up being a very bad decision because they are now completely sold out. But it made me think about waiting for the next version to come out. And then I started thinking how likely that was. The iPod is due for another major revision, as is the Nano, and the iMac. All of these are the lower level, cheaper, consumer products that I believe Apple will announce in or around the Leopard release. Just in time for holiday season. But if Apple is revising all of those models, why would it upstage itself by releasing yet another version of the iPhone? And in doing so pissing off all the early adopters. Why would Apple want to bring the iPhone much closer to the iPod in terms of storage, when they can sell both and make even more profits. All of the major downsides to the iPhone are hardware problems. Lack of 3G, GPS, etc etc. But Apple has already poured a lot of money into the current hardware. They aren't going to replace EDGE as soon as most people think. They just got ATT to bump up their speeds on it, which I'm sure cost a lot of money. 3G is also not really near ready for major consumer use because of ATT's pretty shoddy coverage support. So even if the phone had it, it'd be largely useless to most of us. All of those features we'd all like signify a significant drain in battery life as well, which to workaround would mean refining an already new technology, which is extremely expensive and hard to do. So, for consumers (not business users) now is without a doubt the best time to buy an iPhone. It's fun, it's new, it works, and it does everything you're going to need on a day to day basis. It will get better, but the interface of the iPhone allows such a seamless way of software and firmware updates, it's going to get better for all of us. Not just the v2 buyers. This sounds like an advertisement, but really I'm just trying to get people over that hesitant fence that ended up leaving me with a 2-4 week wait for an iPhone, and very disappointed.