It is overhyped IMO. SJ claims it's a huge step up, but I have been able to do multitaking and folders by jailbreaking my existing 3GS.

For example: multitasking - Backgrounder + Circuitous

Of course, Apple bans these from their "App Store" just so they can announce these "new features" to the fanbois and make them fork over more $$ to the Evil Empire

A higher resolution display is nice, as well as an extended battery. But I don't particularly care to shoot HD video from my phone. A front-facing camera is nice, but it only works on wifi (yay for ATT). iMovies? iDon'tCare. Gyroscope? Whatever.