I hear you, Bob.
I'm close to pushing the button on an N1 purchase (shipped to NYC, so no cdn taxes), but also checking the bleak competitive landscape. Samsung's Galaxy S (supposedly available in July) looks like the bomb with its 4" AMOLED screen. However, it's a perpetual race and there's always something better on the horizon.
I'm curious, do you have a source for the N2 comment, or is that your speculation?
Also, Apple promised iPhone 4 by the end of July; that's a big IF based on what happened with iPad; delayed in Canada because of high US demand.
If you're already on a post-paid plan, then I understand why you want a subsidized phone, but those of us not locked into such contracts will save $$$ (perhaps $50 x 36 months) by purchasing the phone outright.