K Bear,
Yeah I'm upgrading from a Pearl Flip 8220, so a cup with a string attached is a huge upgrade for me. I'm just still hurt from when RIM promised us OS 5.0 and "flipped" us the finger at the last moment.
If these specs are at least competitive with Galaxy S and HTC promises that we will have the hardware for the next Android, this will be the phone I'm getting. Take those away and it will probably be a Vibrant.
I'm in a similar boat. I had to get rid of my 8120. I used and abused that thing. Bought the 9700 because it was supposed to get os 5.2 (now OS6). OS5 is ok, OS6 is straight garbage. The phone works, but everything else about the 9700 blows. I need a device that's going to be last me more than a year. If the G2 is not going to be able to upgrade to Honeycomb, I'll go with the Vibrant even though I'd rather have a physical QWERTY.
Essentially the G2 will be the Nexus One with a physical QWERTY.