The coated black metal on the black version is what scares me the most and specifically why I ended up choosing white. I think I actually like the look of the black better and I have a white 4s so it would be a nice change but I would be pissed if after a year of it getting slid on desks and tables or nicked by keys or something and the silver metal shows through.
I can't imagine the metal is black all the way through, I'm not sure how they would do that really. Pretty much all black metal is either PVD coated or anodized and that is all a surface treatment.
Without "antennagate" I think the failure of the black staying black could be the outrage with this new phone.
This is exactly why I got the white...
At first, I wasn't sure which one to get... but what helped me with the decision was reading that the band on the black version is anodized. Anodizing is a surface chemical treatment that is only 2-3nm thick. Once you scratch the band, you'll definitely see the shiny raw aluminum underneath and I really really don't want an all black iPhone with shiny silver dings all over the band after a few months of use.