Day One

Might hold off on getting an iPhone 3GS as an iPod if this happens soon.

http://www.macrumors.com/2009/06/23/ipod31-references-in-iphone-os-3-0-point-to-ipod-touch-refresh/

But still tough call as I am sure Apple won't put a GPS in the new model, or would they? That would be too cool. Also a camera would be awesome.