I love my iPod Touch (2nd gen), and having followed some of the updates and unveiling of the iPhone 5, it had me somewhat interested as I've been looking for a new phone. However, I just don't know if I could justify dropping $200 off the bat for the lowest model, plus $70 a month with limited data and minutes for 36 months. I also really don't like iTunes, which is why I only put new music on my iPod 3 times a year at most. All in all, I think I'd rather get something like a Samsung Galaxy, which might cost a little more up front, but I won't be stuck in a long term plan and the monthly rate will be lower, while the phone is equally powerful.
That said, I work at a mall that opened up an Apple store about a month ago, and while I'd heard horror stories of how busy they could get on launch days like this, it was insane how much was going on when I walked by during my break. Even when I got off at 7:30 PM, while it had died down a considerable amount, there was still a line-up outside of about 20-30 people to just get into the store. I don't think I would ever be so excited for any one thing that I would stand in line for hours on end, let alone to drop a couple hundred dollars after the fact.