Did you skip the 3g and 3gs?  This infographic shows how the device has evolved in the past 3 years. Apple says ‘This is the best iPhone since the original”, seems like it was worth the wait to me. 😉

ref: http://zandog.deviantart.com/art/Apple-iPhone-4G-PSD-161681253
http://www.gsmarena.com
http://www.apple.com/iphone/compare-iphones/
http://techalites.com/2008/06/15/iphone-vs-3g-iphone/
http://www.engadget.com/2010/06/07/iphone-4-vs-iphone-3gs-the-tale-of-the-tape/