Should I buy an iPhone NOW or Wait until new version?

You should buy today. The new iPhone is the most up to date at this moment. By the way, we can never avoid new updates as it will happen all the time. There is no final update for any mobile phones. Would you want to wait for the rest of your life to get the iPhone?

You may as well wait out until your Sprint contract ends at the very least. Paying an early termination fee to just to get an Iphone that's going to replaced by a newer model in a few months isn't a great move IMO. Then again though, the Palm Pre is probably going to be out around the same time. It seems like it's going to be as good as anything Iphone will offer and it's on Sprint.

There is no official statement yet that there will be a new iPhone in the near future (no doubt they are actually working on one already, but when will it be finished and ready for the public? Can be far over a year).

The iPhone OS 3.0 update will be released to the public this summer (it is currently already available to iPhone developers).

You will be able to upgrade your iPhone 2G, 3G or iPod Touch to the iPhone OS 3.0 for free!

Some of the new features are:

MMS

Copy/paste

Landscape mode for ALL apps

PUSH features for all apps

Turn-by-turn gps functionality for third party (meaning TomTom and such can sell GPS software for the iPhone) (* note: GPS will not work on iPhone 2G and iPod Touch of course)

Stereo Audio over bluetooth

Tethering (connecting you laptop to your iPhone and surfin on your laptop, via the iPhones internet connection)

Sending emails from within apps

Looking up music from within apps

...

In other words, the update is huge ;-)

I'd say try to wait it out, simply because we have NO idea what the new hardware will be. The rumors haven't had anything all that major in terms of improvements over the current generation (improved camera, smaller form factor being the only ones of note really)...but for all we know, they may just be keeping it hush-hush...and I dunno abotu you, but I'd be pretty annoyed if I bought a current gen and 2 months down the road found out that there were some massive improvements made.

i think of that's not going that the subsequent improve will incorporate the digital camera. that's not something that maximum iPhone purchasers care approximately. we are finding for issues like simultaneous apps, flash, bettery battery existence and issues like that.

I'd wait for the next Android phone, personally.