The magical day for the release of Iphone 3GS is Jun 19th . One major new highlight is that it will have a feature to track your missing phone (as long as you are in sync with Mobile Me and the phone is left on). The price point for the 16GB (which I am interested in) is $199 and $299 for the 32GB. The 3G 8GB will be bumped down to $99.
On the Apple Site is a comparision page between the 3G and 3GS (the “S” stands for speed) to help one to know the differences between the 2 phones.