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To summarize, they confirmed that HSDPA would require more room (they don't really quantify it, but they show pictures so you can judge for yourself) and extremely affect battery life if you have a lot of traffic. (Around 25% worse than using EDGE, and roughly 40% worse than wi-fi). When you are mostly idle, the effects are minimal.
The weird thing is that enabling 3G cuts the blackjack's talk time in half!
All of this assumes an implementation similar to the blackjack. Right now there are only a very limited number of chipset options, so that's probably a reasonable assumption.
So, I guess if the real engineering tradeoff was double the physical volume and the same talk time, or slightly more volume and half the talk time to get HSDPA, I'm happy with Apple's choice.
I know there are some new chipsets coming on line in the next few months, however, so hopefully they improve things enough where it makes sense to shove 3G into the next iteration of the phone, and soon.