This isn't related to the iPhone 4, but rather iOS4, but...
I am annoyed that one of my apps (TideApp) which shouldn't need any fancy hardware or software features suddenly isn't compatible with my wife's 2G after an update. It simply won't install giving me a warning that it is not compatible with this iPhone. I wasn't warned that updating the app would cause it to stop working, nor is there an easy way to have the old version install on her phone and the new version on my phone since we sync to the same iTunes library (or even to get the old version back).
there may be a backup of that app, check where you save your apps on your computer