Engadget roundup here.
What's good: Faster. A lot faster. And the 8GB is now $199 (a $200 drop). Funky new social software aps. My favorite: Geo-tagging photos using the GPS.
Bad stuff: No cut-and-paste. No MMS and no Video recording (not a big deal to me, but probably a nice feature to have with a YouTube direct upload feature).
Shadiness: 2-Year AT&T Contract with data plans $10 more expensive than iPhone 1.0 (inline with AT&T data plans with other smartphones). That's $240 more in the total cost of ownership over the life of your contract. In total, you're looking at an outlay of $1900 ($80/month) on the cheapest talk plan. Of course, with taxes and fees and the stupid extra cost for SMS messaging, the total cost will be over $2K.
Does that mean we won't expect a major hardware update from Apple for two years (as to not piss off their customers who buy the iPhone 2.0)? Meh, I wouldn't bet on it. Apple flies through product development cycles in 12-18 months, and that's always been a big part of their competitive advantage.
So, iPhone 1.0 lasts one year and has zero resale vale - ouch! Some people spent $600 on that.