My current orange Sony Erricson phone is really hammered, and i'm eager for an iPhone too.
My 18 month (!) contract just ended, so i could get an iphone now, but i guess the smart thing would be to wait until June.
The compass and camera business seem of little interest to me, a doubling of storage to 32GB could be really useful though (i have around 20 Gig of music that i'd love to carry with me plus have extra space).