Finally Time to Switch Phones?

I had read some things about Apple's iPhone when it was announced, but my daughter just told me about this CBS video clip from January, featuring a four minute demo. While I'm sure there will be drawbacks (including having to switch from Verizon to Cingular, which I guess is now merged into AT&T), this thing has the slickest interface and most amazing bundle of features I have ever seen in a computer or communication device. I'm not a phone freak (I've had a new LG camera phone that we got as a free upgrade sitting on my desk for a year, but have not switched because it's just not worth the trouble), but this iPhone thing is not a phone - it's more like a palm-size Mac that's also a phone and an iPod (I was an early Mac adopter in 1984 but switched to PC's in 1994 for work reasons). I want one! It's supposed to ship in June. Should I wait for the 1.1 version? Usually I would but in this case...