The new iPhone looks impressive. I particularly like the form factor/design, the dual mics/noise cancellation, and 720p 30fps (the video recording on my EVO is underwhelming).
The rest of it... eh. I personally don't really understand the need for the increased resolution on a screen that small. I thought the original screen looked fine, as does the screen on my EVO. I think the battery life and download speed claims are a bit lofty (especially the download speeds), but we'll see. A lot of the other features are already on my EVO.
Does it have a user-replaceable battery?
Oh, and a Netflix app that streams video over 3G
Because AT&T's 3G network wasn't slammed already. And even if the iPhone 4
does see 7.2mbps download, it won't do a whole hell of a lot of good when you hit your data cap that much quicker.
Limey, it's ironic that you mentioned the "moving target" of smartphone specs, because mobile data usage is also a moving target. This is precisely where AT&T's "65%" and "98%" claims become completely worthless because their customers' data usage habits are about to change dramatically. I can already hear the crying from the poor bastards that unwittingly sign up for the 200MB data plan and watch only a few hours worth of Netflix, only to find massive data overages on their next bill. You current iPhone users better hope that AT&T doesn't force you to dump your unlimited plan in the future.
Make no mistake: while I do not like iPhone OS and the restrictions Apple has placed on it, the iPhone 4's hardware itself looks awesome. But this new phone is going to be seriously hamstrung by the network it runs on.