This is my initial thoughts just before Apple's WWDC 2010 and before Steve's announcement (if any) regarding the new iPhone 4G (aka iPhone HD).
Will I buy the speculative 4G? I think NOT. Reason being I just bought my 3GS last year and its not even 1 year old. Despite having a new front 5MP camera and also the new "square" looks, I don't see the need of upgrading my 3GS.
If the 4G have the new OS 4.0, I might just as well upgrade my 3GS 3.1.2 to 4.0. But wait a minute! That will only happen if OS 4.0 can be Jailbroken. I don't want to lose my JB apps such as MyWi for tethering. That app is invaluable to me.
How about you guys? It makes sense to upgrade if you are currently owning a 2G or 3G iPhone.
As for me? I will save my money for the new Macbook Air (hopefully).... ;-)
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