Oh FYI dudes I just thought of something important, a lot of you are saying that the upgrade path of the past shows that the iPhone won't change a lot in 2011 like it didn't change a lot in 2009, HOWEVER...
You're all forgetting one very important fact. During that time, Steve Jobs was sick. Tim Cook (the COO of Apple) was taking over for him. Most products were largely unchanged. The iPod touch kept the same look and was only slightly different, the iPhone kept the same look, iPod nano kept the same look and simply added a (failure) camera, and iPod shuffle is the only one that actually changed (and was a total fail). I imagine he wasn't given a lot of license in regards to changing the product line, and he was probably given full license with the iPod shuffle just to see how he would do.
Now that Steve Jobs has been back at the helm, all of the products have changed drastically again. I expect the 5th generation iPhone will be an even bigger change in some ways.