IPhone 4, is it really worth it?

So I was hanging out in the University District in Seattle and saw this line of people wrapping around the building almost all the way to the back of the building right outside the Apple Store. I couldn't figure out what could be so important to be waiting for. When I got home and watched the news, I saw a news reporter standing outside the same store reporting about the first person in line who had been waiting since 4pm the previous day just to be one of the first people to get this new Iphone4. The news reporter asked what he looked forward to on the new phone, and the guy only said two or three features that didn't make much sense to me. I can't figure out how the guy justified waiting in line all night for this new phone. He then said he had class at 11am so he wasn't even going to have much time to play around on the new phone. I couldn't help but laugh at the whole situation. Obviously he wasn't alone in wanting to be the first to get this new gadget, but how can it really be worth it when most of these same individuals will be waiting in line in a couple of months for the next new gadget to come out.