I'm thinking of possibly snagging the 4GB iPhone soon however I do realize that the 3G is due sometime this year. How long should I wait and do you guys have a better estimate on the 'update'? Thanks.
There are several threads on it, the one below I started off to get accurate information as to the most probable date, through information and less through rumour.
https://forums.macrumors.com/threads/438408/
Best guess so far - An announcement around the iPhone's 1st birthday ~June is the most likely, but theres leeway either side by several months due to different factors...
Enjoy. If you need one now, get one now. If you can wait 4-8 months, wait. There aren't any confirmed differences bar 3G on the upcoming model yet, so unless 3G is a priority, a current one will do. When and before the 3G model comes out, there will be price cuts.