I'll wait till the scream level on the Apple forums dies down a bit.
Then I will update before my end of warranty.
Those of you with expired warranties? Well you won't have the luxury of taking it back to the Apple store, so you have to really hope the update goes smoothly and doesn't brick your phone.
I've been bitten by the bricked phone after update after prior updates. Twice, had to do a full restore, once had to get a new phone.