Yes, of course they will. They need to introduce a new iPhone every year to keep their steady money flow. But seriously, I have a sneaking suspicion that they will be releasing a new one, in the summer again, with video support. Here are two good reasons:
1. The new model must have the "exclusive" feature like the iPhone 3G had 3G.
2. Apple, Kevin Rose, numorous sources are saying no video because the current phone has issues and cannot fully support it. The new phone can be tweaked for video.
3. I WILL BE BUYING IT!