Yes, even if you don’t have the new iPhone, you can upgrade your software so that your current iPhone has some of the advantages of the new one. For free.
Hardware-wise, the new iPhone has a camera that will take video. If you watch their demo, you can see some of the cool ways it works. (There are two models — the 3G at $99 and the 3GS at $199 and $299. The S model does video, has autofocus and 16gb memory.)
More significant to me is the new line of MacBook Pros. Now I am more behind. Sigh. If only there were a free software upgrade for my Mac that would make it speedier. (Update: a new OS, Snow Leopard, is coming out in October for just $29. It is supposed offer “speed improvements for Mail, Safari 4, Spotlight and more”. That’s not free, but I’m not complaining, since previous OS upgrades hit me to the tune of about $129.)