$199 plus a new 2-year contract, plus $10 more a month? No thanks, I’ll stick with my iPhone 1.0. If it was just $199 for a new phone, with the same price plan I’m paying now ($71/month total) and no contract extension, I’d consider it.
EDGE data speeds are fine for anything that I might need to do on the Internet from the phone (face it, it’s not a laptop replacement) and cell-tower pseudo-GPS is good enough for me so far. All of the other new features will be available on my current iPhone when firmware 2.0 comes out anyway.