I ask this in all seriousness. I think the iPhone 4 was released in the middle of July 2010. That means if you wait five months you'll be able to pay the same price for a better phone or a lower price for the same phone. Apple has been pretty religious about the upgrade cycles for iPods, iPhones and it looks the same for iPads. We obviously don't know what's going to be in the next iPhone, but at this point last year you would've missed out on the retina display, HD video camera, the still camera upgrade (is it now 5MP or 3.2?), the front-facing camera plus FaceTime, etc. etc. You also missed out on using the "Find My iPhone" feature for free and the gyroscope. OK, I have no idea if I even use the gyroscope, but you don't have it on the 3GS. I just want the people about to rush out and buy a Verizon iPhone to remember this. I have had the "OH HOW STUPID!" feeling every time I bought a Mac because twice I missed a refresh by five weeks -- one of those was the damn Intel switch -- and the last one I missed saving about $150 thanks to Black Friday sales. I had no computer when I bough that last one, so it's not as bad, but I digress. If you can hold out for about five months, you'll get a better phone that won't be outdated as soon. The iPhone 3GS owners can't use some of the iOS 4 features and I don't know whether original iPhone owners can use it at all. So just be prepared before switching. I've got a while before my contract runs out and I know to be sure I know what I'm doing before committing to two years of whatever.