I waited for the first and second generation Newton and the first iPhone I had to have... even though it meant having it hacked. I haven't waited in line for the new 3G iPhone yet as have many others here in The Netherlands, but I will get it of course... and in the meantime I've upgraded to the new 2.0 software on my iPod touch. Some very early thoughts:

3G is great, GPS and location based services will be huge and I am waiting for Bliin on the iPhone, but I think the real story is the app store, ease of purchase/payment and wireless delivery, and the innovation and functionality we have learned to love from Apple.

I love the Twitter client, Buienradar and Netnewswire as initial starting applications. I cannot wait for the 3G iPhone to use the GPS applications!