iPhone v1: Get burned like Apple TV?

I am really torn on the iPhone. I do want one. It looks like they are changing their tune on an SDK (sounds like Flash) so we will see cool third party applications.

My main issue is when to bite the bullet.

Ben bought the Apple TV right away. Now the poor guy is looking at a 40GB beast, when he would definitely have spent a few more bugs to get a 160GB upgrade. Apple should really do something to help him in fact. It isn't like this is 2 years later... it is a matter or months!

Will the same thing happen with the iPhone? If I pretend to be cool and get one on day one, will someone laugh at me in 3 months as a version with 4 times the hd space, and other new features kick in? The pressure to release this thing is so huge that you KNOW that a bunch of corners had to be cut. The date was firm, so they had to do anything to make that date.... and when it is over they can finish up what they really wanted in v1.

So, it may be wise for me to wait on this puppy. Too much $ and the 2 yr contract piece kicks in too.